India remained a net importer of rolled steel products in the first half of FY2026-27, with imports rising 23.8 per cent year-on-year to 4.14 million tonnes, according to government data.
Steel exports, however, grew 26.2 per cent to 3.55 million tonnes during April–September 2026. Despite the improvement in exports, imports exceeded exports by 590,000 tonnes during the period.
China and South Korea together accounted for nearly 63 per cent of India’s rolled steel imports. On the export front, the United Arab Emirates and Vietnam emerged as the leading destinations for Indian steel products.
Domestic Steel Consumption Continues to Grow
India’s domestic steel market maintained its growth momentum, with rolled steel consumption rising 7.7 per cent year-on-year to 14.4 million tonnes in September 2026. Cumulative consumption during the first half of FY2026-27 reached 85 million tonnes, registering growth of 7.6 per cent over the corresponding period of the previous financial year.
The rising demand reflects the continued expansion of India’s domestic steel market, supported by industrial activity and infrastructure development.
India Targets Major Expansion of Steel Industry by 2047
India’s draft National Steel Policy outlines ambitious long-term targets for the sector, including increasing domestic rolled steel demand to 505 million tonnes by 2047. Per capita steel consumption is projected to reach 302 kg, while exports, including indirect exports, are expected to rise to 45 million tonnes.
The strategy also envisages expanding India’s steel production capacity to 600 million tonnes per year by 2047. The country produced approximately 170 million tonnes of steel in FY2025-26, while consumption of steel products reached 164 million tonnes.
As part of its long-term strategy, India also plans to significantly expand domestic steel scrap processing capacity, from 36 million tonnes in FY2025-26 to 123 million tonnes annually by 2047. This is projected to account for around 21 per cent of the country’s anticipated steel output.
The proposed policy aims to strengthen domestic steel production, improve resource efficiency and support India’s growing demand for steel, while positioning the country as a major global producer and exporter.