India’s finished steel imports during the first seven months of FY26 were down 34.1 per cent year-on-year, according to provisional government data reviewed by Reuters on Monday.

India, the world’s second-biggest crude steel producer, imported 3.8 million tonne (mt) of finished steel during April-October and was a net importer of the alloy, the data showed.

South Korea was the biggest exporter of finished steel to India during the period, shipping in 1.4 mt of finished steel, followed by China, Japan and Russia.

Domestically, steel prices were under pressure due to headwinds from weak demand and high supply, “while trading activity remained subdued in view of the ongoing festival season”, the government report said.

The fall in exports also coincided with the imposition of a provisional safeguard duty at 12 per cent for 200 days by the Directorate General of Trade Remedies (DGTR) on flat steel. It then recommended keeping the duty protection for three years. The interim protection ended in November and a notification for extending the protectionist measure is yet to be notified.

While imports slowed, India registered a 25.3 per cent growth in exports year-on-year in the same period to 3.5 mt during April-October.

Italy and Belgium were the biggest markets for Indian steel during the period, followed by Spain, according to the data.

India’s finished steel production during April-October stood at 91.6 mt, while crude steel production was at 95.7 mt, the data showed.