India's steel production declines 8% m-o-m in Apr'26, consumption weakens sharply: JPC

• India remained a net importer of finished steel in April
  
  
• Weak domestic demand continues to weigh on consumption
  
  

India's crude steel production declined by 8% m-o-m to 14.086 million tonnes (mnt) in April 2026, as per provisional data released by the Joint Plant Committee (JPC) under the Ministry of Steel. On a y-o-y basis, however, production was higher by 5.8%, indicating continued capacity support despite short-term softness.

Importantly, India remained a net importer of finished steel in April, with imports at 0.679 mnt exceeding exports of 0.469 mnt.

Highlights of Indian steel industry in Apr'26

Steel production declines, consumption weakens sharply

India's crude steel production fell by 8% m-o-m in April, while finished steel output declined more sharply by 11.27%. Indian steel majors planned maintenance shutdowns during the month which resulted in declining crude steel production. Meanwhile, consumption dropped significantly by 20.3% m-o-m, reflecting weak demand conditions across key sectors.

The steep fall in consumption compared to production indicates a widening supply-demand gap, aligning with subdued market sentiment.

Finished steel exports decline m-o-m, rise y-o-y

India's finished steel exports dropped by 19.8% m-o-m to 0.469 mnt in April. However, on a y-o-y basis, exports were higher by 25.1%, supported by relatively better overseas demand and competitive pricing.

Indian export volumes dropped as Red Sea shipping disruptions forced longer, costlier voyages. This strain, coupled with Middle East tensions and the Strait of Hormuz escalation, has stifled trade activity and limited HRC export offers and subdued trade activity.

Finished steel imports rise sharply

Finished steel imports increased by 30.3% m-o-m to 0.679 mnt in April. On a y-o-y basis as well, imports were higher by 30.8%.

In late-March, import offers from both FTA and non-FTA countries were nearly at par, creating a level playing field for buyers. This pricing alignment encouraged higher shipments, particularly from key suppliers like China and Japan, as Indian buyers found imported material more accessible.