Steel Consumption Up 7.9% as India Becomes Net Importer

India’s steel sector demonstrated solid momentum during April–July 2026, driven by a 7.9% growth in finished steel consumption (56.0 Mt) that outpaced production increases in both crude (2.4% to 56.2 Mt) and finished steel (4.7% to 54.7 Mt). Pricing remained firm, with August 2026 realizations for TMT bars and HR Coils rising to ₹58,003 and ₹70,448 per tonne, respectively. The period saw notable surges in specialized segments, as alloy steel consumption grew 22.1% alongside a 26.7% output expansion, while stainless steel consumption climbed 25.0% despite a 4.2% dip in production. Trade activity intensified markedly, leaving India as a net finished steel importer as import volumes jumped 36.6% to 2.77 Mt (valuing ₹28,330.8 crore), heavily supplied by China (30.9%) and Korea (30.2%). Exports also expanded 35.0% to 2.29 Mt, anchored by demand from Vietnam and the UAE. To fortify the domestic supply chain, key policy and operational developments were rolled out, including the Mines and Minerals (Development and Regulation) Amendment Act, 2026, trial runs at NMDC’s 2.0 MTPA Bacheli iron ore beneficiation plant, and the award of Green Steel Certificates to 98 producers to bolster raw material security and low-carbon manufacturing.