India's steel production rises 10.7% y-o-y in FY26: JPC

• Imports decline y-o-y amid safeguard measures
  
  
• Strong consumption growth supports market balance
  
  

India's crude steel production increased by 10.7% y-o-y to 168.4 million tonnes (mnt) during April 2025March 2026, according to provisional data released by the Joint Plant Committee (JPC) under the Ministry of Steel. The growth was supported by stable demand conditions and improved trade dynamics.

Importantly, India remained a net exporter of finished steel during FY26, with exports of 6.60 mnt exceeding imports of 6.52 mnt.

Steel production rises, consumption grows moderately

India's crude steel production grew by 10.7% y-o-y in FY26, while finished steel output increased by 9.7%. Meanwhile, consumption rose by a comparatively slower 7.6% to 163.7 mnt.

The relatively slower pace of consumption growth compared to production indicates intermittent supply-side pressure during the year. However, demand remained resilient overall, supported by infrastructure and industrial activities.

Finished steel exports rise sharply y-o-y

India's finished steel exports witnessed strong growth during FY26, rising by 35.9% y-o-y to 6.60 mnt. The increase was driven by competitive pricing in global markets and steady overseas demand.

For most of the fiscal year, mills actively focused on exports as realizations in international markets were more favorable compared to domestic prices. This trend helped balance domestic oversupply pressures.

Finished steel imports decline significantly y-o-y

Finished steel imports declined sharply by 31.7% y-o-y to 6.52 mnt during FY26. The decline was largely attributed to safeguard duties and higher landed costs, which discouraged fresh import bookings.

Market participants noted that regulatory measures, coupled with global uncertainties, kept import volumes subdued despite periodic demand requirements.

March 2026 snapshot: production and demand improve m-o-m

In March 2026, crude steel production stood at 14.54 mnt, up 3.8% y-o-y and 3.6% m-o-m. Finished steel production rose marginally by 1.2% y-o-y to 13.92 mnt.

Consumption showed strong growth, increasing by 10% y-o-y and 16.6% m-o-m to 15.70 mnt, indicating a pickup in demand towards the end of the fiscal year.

Exports in March rose sharply by 29.1% y-o-y, while imports declined by 9.4%, reinforcing India's net exporter status during the month.