India's finished steel imports reached a six-year high between April and December 2024. Provisional data from the Indian government indicates that imports during this period increased by 20.3% year on year, totaling about 7.27 million tons. In contrast, exports painted a starkly different picture. India's finished steel exports dropped sharply by 24.6% to 3.6 million tons, marking their lowest level in six years.

China was a significant contributor to the rise in India's steel imports. As the world's largest steel exporter, China's steel shipments reached record levels from April to November 2024, with total exports for the year climbing 22.7% to about 110.72 million tons, the highest annual export volume since 2015.