According to preliminary government statistics reviewed by Reuters on Tuesday, India's imports of steel reached a six-year high in the first ten months of the fiscal year up to March, driven mostly by Chinese exports. India was also a net importer of completed steel.

The construction and automotive industries in India, the second-largest producer of crude steel in the world, continued to be the country's key drivers of global steel demand. During that time, India's steel consumption increased 14.5% to reach a six-year high of 112.5 million metric tons, indicating strong demand for the alloy in one of the fastest-growing countries in the world.

Given that the government anticipates that in the upcoming fiscal year, India's economy would develop faster than the rest of the world, the country's demand for steel is expected to remain high. According to the statistics, India imported 6.7 million metric tons of completed steel between April and January, a 35% increase from the same period last year.

The steel industry in India has demanded government actions and protections against soaring imports. The federal Ministry of Steel, citing strong local demand, has rebuffed requests for limits. Between April and January, China was the biggest supplier of finished steel to India, sending 2.18 million metric tons of the alloy—an 80% increase over the same time last year and a six-year high.

Hot-rolled and cold-rolled steel products were China's main exports, followed by galvanized plain and corrugated sheets, plates, and pipes, among other items. The second-largest exporter was South Korea, whose 2.15 million metric tons of completed steel shipments to India during that time period set a four-year high. Between April and January, India exported 5.5 million metric tons of finished steel, up 3.6% year over year. The amount of crude steel produced was 119 million metric tons, a 13.5% increase over the previous year.