Blog Search

Indian Iron Industry: Import Data 2023: Detailed Report

Iron Import Data

In global trade, India is known as a top iron importer. With its rich past of robust manufacturing, the country has been able to capitalize on its resources and expertise to become a substantial importer of iron products. India's Iron and Steel industry is among the country's most significant industries. The iron industry is the nodal industry since all the other industries-heavy, medium, and light depend on it for their machinery. In this blog, we will discuss about India's iron import industry in brief and also discuss the key destinations of India.

Know about the Iron Industry

The iron and steel industry plays an important role in the growth and development of various other industries. It serves as the backbone for infrastructure, construction, automotive, manufacturing, and many more sectors.

Though India is a significant iron and steel-producing country in the world, we are not able to achieve our full potential mainly due to the:

  • Increased prices
  • Less availability of coking coal
  • Lower productivity of labour
  • Uneven supply of energy
  • Deficient infrastructure

Due to these factors, there are several uncertainties in the Indian economy. To overcome these challenges, India needs to work on their infrastructure, adequate energy supply, labor productivity, etc.

Iron Import Data Report for 2022-23- Overview

As we know, Iron and its products are the backbone of the modern economy; India has become the largest importer of Iron in the international market. India is rich in iron ore resources; it has an added benefit, allowing it to tap into markets to which China no longer caters.

Based on Iron import data, India's iron imports, finished and semi-finished, have risen by over 45 percent year-on-year to 7 million tonnes (mt), among the highest growths in the last three years.

The increase came from a sharp 500 percent jump in shipments for semi-finished offerings; finished steel imports grew by 30-odd percent, as per iron ore import data.

Over the previous few years since India became a net exporter of Iron, the highest import was in FY20 at 7.20 mt. As per India export import data, it dropped to 5.04 mt in FY21 and 4.80 mt in FY22.

For FY23, semi-finished steel offerings in India stood at 1 mt (against 0.2 mt in FY22), while it was 6 mt (4.7 mt) for finished steel.

Why does India Import Iron and its Products?

India imports Iron and its products for several reasons, including:

  • Limited Domestic iron ore reserves: India's iron ore reserves are evaluated to be around 8.6 billion tonnes, which is about 7% of the global total based on Iron ore import data. There must be more to fulfill India's growing demand for iron ore.
  • Quality of Domestic iron ore: The quality of Indian iron ore is relatively low, with high impurities. It makes it more complex and expensive to produce steel from Indian iron ore.
  • Growing steel industry: India is the second-largest steel producer in the world, and its steel industry is growing. It is driving up India's demand for iron ore.
  • Decreased dependence on domestic iron ore reserves: Importing iron ore permits India to lessen its reliance on its funds. It protects India's iron ore resources and extends their lifespan.
  • Diversification of iron ore supply: Importing iron ore from different countries allows India to diversify its supply sources.

India's Iron Industry- Top Imports Exports Country

Based on iron import data, India imported about 16.7 million tons of Iron in 2022. The top five source countries accounted for about 80% of total imports. The principal imports of Iron and steel by India in 2022 were:

China accounted for 26.1% of India's steel imports in June 2022, while Vietnam's contribution was 1% as per India export import data. However, by June 2023, Vietnam's part of India's steel imports had climbed to 4.8%, while China's import share had reached 37.1%. These improvements are essential because India wants to increase its capacity for producing steel to 300 million tonnes and gain a large percentage of the world's iron and steel markets.

On the other hand, India's export of completed steel fell to 5.02 LMT, a decrease of 27.6% from May 2023 and 21.3% from June 2022, based on Iron Export Data.

According to the Indian export and import data, the UK, Mexico, Russia, Italy, Portugal, and Nepal had a larger share of India's steel exports in June 2023.

Regarding iron ore prices, it was reported that they remained steady from their May 2023 level in June at 3,900/tonne.

For Finished Iron Products

The ministry report showed that Russia was among the top five suppliers to India, replacing Taiwan and Indonesia in the finished steel category. Finished steel supplies (in volume terms) increased 470 percent YoY to 0.31 mt.

Korea was the enormous supplier of finished steel at 2.2 mt (up 11 percent YoY), observed by China at 1.4 mt (up 69 percent YoY).

As per Export Import Data, Japan and Vietnam occupied the third and fourth spots with supplies of 0.8 mt (up 27 percent) and 0.32 mt (up 324 percent).

Key Destinations: Where India's Iron Products Flow

When delving into Iron import data, it's clear that India's products are finding their way to numerous corners of the world. Countries like the United States, China, and Japan are vital destinations for Indian Iron and its products. This global distribution highlights the widespread recognition of India's manufacturing prowess and the quality of its commodities.

To understand India's iron exports comprehensively, you can benefit from our exclusive data-driven platform. By obtaining iron and steel export data from Seair Exim Solutions, you can gain accurate Importer data India or find your specific products or commodities with the help of Hs code finder.


India is a significant player in the global iron industry, with a growing steel production capacity. The country has several advantages in iron production, including abundant iron ore resources.

By addressing challenges and embracing opportunities, India can continue shaping the world's infrastructure while promoting its economic growth. Iron import data provides a comprehensive overview of the Iron import market.

So, if you are looking for precise and updated Iron import and export data, Visit Seair Exim Solutions today to learn more about our India trade data, US Importer Data, and USA Importers Database. We can help you make informed decisions and grow your business globally. Schedule a free live demo today!

  • Seair Exim
  • 18-Sep-2023

Leave a Comment

Blog Search
Latest Post

Seair is proud to have a loyal customer base from big brands.

We have successfully served many reputable clients for Import-Export Data Information Services. Here are some of our clients:

Get a free Import-Export data demonstrative report on desired products.

We don’t offer any assistance over buying or selling any products.

Thank You

Big thanks to showing your interest in SEAIR Exim Solutions. We’ve currently received your request for data information. We will return on the same query in a short span of time.

Copyright © 2009 - 2023 All Rights Reserved.