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How to Import Steel in India in 2024?

import of steel in India

Key Highlights:

India's net imports of steel exceeded its net exports, resulting in a 1.1 million metric tonnes trade deficit.
During FY2023/2024, which concluded in March, India imported 8.3 million metric tonnes of rolled steel, a 38.1% increase over the previous year.
As per steel import data, the major importer of steel is the European Union with a trading value of 283,875.00 USD.
The United States was the 13th-biggest importer of steel to India. However, the other steel importing countries are the United States, Germany, Italy, and Turkey.
According to steel importer data, the largest importer of steel in the world is the United States.
To successfully import of steel in India, traders need to obtain mandatory documents and insights like Indian steel import data, steel importers list, steel HS codes, and much more.

As we know, the global steel market will continue to be very competitive and vibrant in 2024, and bringing steel into India is a process that calls for a thorough grasp of the market insights, the state of the industry, and the necessary logistics. Despite being the second-biggest steel manufacturer in the world, India is expected to continue being a net importer of steel in the current fiscal year, according to ICRA Research.

However, to import of steel in India, traders must obtain mandatory documents, licenses, and updated Indian steel imports data. In this blog, we will give you all the information you need to import steel into India, whether you're a trader looking for new opportunities or a business owner trying to obtain steel for manufacturing.

Why is India a Net Importer of Steel?

In the fiscal year 2024, India's net imports of steel exceeded its net exports, resulting in a 1.1 million metric tonnes trade deficit. Increased imports from China, South Korea, Japan, and Vietnam resulted from a spike in domestic demand.

Even with an increase in exports, China continues to pose a threat to India. Positive outlooks for the Indian steel sector are indicated by robust domestic demand and output growth. Maintaining export competitiveness and managing imports need strategic adjustments.

Steel Imports in India

Source: Steel.gov.in

India experienced a surge in steel imports due largely to domestic steel prices that were higher than the landed costs of steel from China and Japan.

In the final week of May 2024, the domestic premium was between $10 and 11 per million metric tonnes; however, a subsequent decline in steel prices has increased it to $21-32 per million metric tonnes.

Steel Imports in India: 2024 Overview

Here you can discover the updated insights on steel trade and consumption in India (FY2023/2024).

Metric	Quantity (Million Tonnes)	Year-over-Year Change
Import of steel in India	8.3	38.1% increase
Steel Exports	7.5	11.5% increase
Steel Consumption	136	13.4% increase

As per import of steel in India statistics, India imported 8.3 million metric tonnes of rolled steel in FY2023/2024 (which ended in March), rising 38.1% from the previous year, as the GMK Centre had previously reported.

The nation's steel exports rose by 11.5% annually to 7.5 million metric tonnes during the reviewed period. The period's steel consumption rose 13.4% year over year to 136 million metric tonnes, indicating high product demand.

India's Steel Trade and Consumption in FY24

Here is a quick overview of the import of steel in India, net exports, production, and consumption.

Stainless Steel Import in India	Quantity (Million Tonnes)	Year-over-Year Change
Steel Imports	8.3	38% increase
Steel Exports	7.4	12% increase
Net Steel Imports	1	N/A
Steel Production	138.5	12.4% increase
Steel Consumption	136	14% increase

For FY24, India's steel imports totalled 8.3 million metric tonnes (MT), up 38% yearly, while exports came in at 7.4 MT, up 12%. According to a Steel Ministry report, India was a net importer of about 1 MT.

Interestingly, a lacklustre global economy and fierce rivalry in Middle Eastern markets due to an abundance of cheaper Chinese products have caused a decline in exports. India's domestic market is still very robust. Compared to completed steel production, which was up 12.4% YoY at 138.5 MT, consumption for FY24 was 136 MT, up 14% YoY.

Where does India Import Steel from?

These nations are consistently among India's main sources of steel imports.

Top Rank	Steel Imports by Country (Major Import Destinations)	Steel Import Data (million metric tonnes)
Top Rank	Steel Imports by Country (Major Import Destinations)	Steel Import Data (million metric tonnes)
1	China	2.7 MT
2	South Korea	2.6 MT
3	Japan	1.3 MT
4	Russia	0.4 MT
5	Indonesia	0.3 MT

The United States was the 13th-largest supplier of steel to India. So, these are the top sources of steel imports in India. Also, if you are looking for recent insights into the import of steel in India, steel imports by country, or Indian steel import data, visit Seair Exim Solutions anytime!

top 10 steel importing countries

Top 10 Steel Importing Countries

Here is an updated table format for major steel importers or steel importing countries:

Top Rank	Top 10 Steel Importing Countries	India Steel Import Statistics (Trade Value: 1000 USD)
Top Rank	Top 10 Steel Importing Countries	India Steel Import Statistics (Trade Value: 1000 USD)
1	European Union	283,875.00
2	United States	118,162.95
3	China	83,281.33
4	Germany	148,087.62
5	Italy	46,466.45
6	Turkey	14,401.92
7	Netherlands	68,607.06
8	Mexico	72,277.06
9	South Korea	56,904.09
10	France	59,568.44

Based on steel import data, the top 10 countries importing steel are included in the table. China, Germany, Italy, Turkey, and the United States are the top importers. The other nations in the top 10 are France, South Korea, Mexico, India, and Poland. However, if you are still confused or looking for a reliable steel import source or import of steel in India, Seair Exim Solutions can help you. provide updated statistics on steel imports in India, or major importers and exporters also.

Now, let’s explore the major steel HS codes!

Top Steel HS Codes

Here is a table for updated HS codes for steel.

Steel HS Codes	Production Description
HS Codes: 7326	Other Articles of Iron or Steel
HS Codes: 73261100	Grinding balls and similar articles for mills
HS Codes: 732619	Other
HS Codes: 73261910	For automobiles and earthmoving moving equipment
HS Codes: 732620	Articles of iron or steel wire

So, these are the major HS codes of steel. However, if you want updated steel HS codes, steel import data, or steel importers list, you can connect with our data-driven platform.

How to Import Steel in India in 2024?

To successfully import of steel in India, traders need to obtain mandatory documents and insights like steel import data, steel importers list, India steel import statistics, and much more. Also, if you want to import of steel in India from China, you need to obtain the following documents:

Manufacturer's invoice
Mill test certificate
Positive Material Identification (PMI) test report
Declaration from the manufacturer if the goods are J3 stock lot/ex-stock
Purchase order or contract
Commercial Invoice
Bill of lading
Certificate of origin
Insurance certificate
Import License
Bill of entry

Also Read: Exploring the Dynamics of Steel Exports from India in 2024

Procedure to Import of Steel in India

Businesses may find success importing steel products from India if they search for affordable premium steel. Thanks to its robust manufacturing sector and expertise in steel production, India has emerged as a major player in the global steel market. If you want to import of steel in India, there are a few things you need to do to get started.

Step: 1 Research the market and identify potential buyers:

Conducting market research and identifying prospective customers are crucial steps before venturing into the steel import market. Attending trade exhibitions, connecting with business leaders in the field, and researching websites such as Seair Exim Solutions can all help you achieve this.

Step 2: Get the necessary licenses and certifications:

You must obtain the required licenses and certifications to import of steel in India. These requirements vary depending on the type of steel you are importing.

Step 3: Obtain Specific ITCHS Codes:

The Ministry of Steel's Quality Control Order only requires this mandatory clarification for steel products under certain ITCHS codes that align with Indian Standards.

Step 4: Follow the government guidelines:

Enter the value in the bill of entry using the Kilogramme (kg) Unique Quantity Code. Indicate the grade of stainless steel in the bill of entry. For every steel consignment, importers needing a BIS license must apply for clarification.

Step 5: Ensure regulatory compliance:

The import of steel is subject to several regulations. You must guarantee your products adhere to all relevant regulations in the country of import.

How to Obtain Steel Importers Globally?

There are several ways to find steel importers globally. You can visit the Seair Exim Solutions platform to access India's real-time steel import database. We provide statistics on steel scrap import in India, the steel HS Code, etc. Finding out how to obtain steel import data is quite difficult for traders interested in steel import in India .

If you need help importing or updating India steel import data, consider our experts. With our extensive market knowledge, we can help you identify possible clients and cultivate business relationships in international trade. Do not spend too much time sitting on it! Schedule a free live demo now!

Frequently Asked Questions (FAQs)

Q1. Where does India import steel from?

As per statistics on steel imports in India, the major source countries are China, South Korea, Japan, and Russia.

Q2. Who is the main importer of steel?

Based on steel importer data, the main steel importer globally is the European Union, with an import value of 283,875.00 USD.

Q3. Does India import steel scrap?

India has a trade deficit of 1.1 million metric tonnes as a result of its net imports of steel exceeding its net exports. However, India imported 8.3 million metric tonnes of rolled steel, a 38.1% increase over the previous year.

Q4. How much of our steel is imported?

Based on import of steel in India statistics, India imported 8.3 million metric tonnes of rolled steel in FY2023/2024 (which ended in March), rising 38.1% from the previous year.

Q5. How much steel does India import from China?

To perform steel import in India from China, the traders need to gain some obligatory documents and market insights, such as Indian steel imports, steel imports by country, and a steel importers list.