India: Market for Raw Steel And Steel Semi-Finished Products 2025

Market Size for Raw Steel And Steel Semi-Finished Products in India

In 2021, the Indian market for raw steel and steel semi-finished products was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. Overall, consumption, however, recorded a relatively flat trend pattern. Consumption of peaked at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Production of Raw Steel And Steel Semi-Finished Products in India

In value terms, production of raw steel and steel semi-finished products amounted to $X in 2021 estimated in export price. Over the period under review, production, however, continues to indicate a perceptible contraction. The pace of growth was the most pronounced in 2017 with an increase of 35%. Over the period under review, production of reached the maximum level at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

Exports of Raw Steel And Steel Semi-Finished Products

Exports from India

In 2021, after two years of growth, there was significant decline in shipments abroad of raw steel and steel semi-finished products, when their volume decreased by -13.4% to X tons. In general, exports, however, enjoyed a significant increase. The growth pace was the most rapid in 2020 with an increase of 125% against the previous year. As a result, the exports attained the peak of X tons, and then declined in the following year.

In value terms, exports of raw steel and steel semi-finished products skyrocketed to $X in 2021. Over the period under review, exports, however, showed a significant increase. The most prominent rate of growth was recorded in 2020 with an increase of 106%. The exports peaked in 2021 and are expected to retain growth in the near future.

Exports by Country

China (X tons), Nepal (X tons) and Indonesia (X tons) were the main destinations of exports of raw steel and steel semi-finished products from India, with a combined 59% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by China (with a CAGR of +303.2%), while the other leaders experienced more modest paces of growth.

In value terms, China ($X), Nepal ($X) and Indonesia ($X) constituted the largest markets for raw steel and steel semi-finished products exported from India worldwide, with a combined 57% share of total exports.

In terms of the main countries of destination, China, with a CAGR of +254.1%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average export price for raw steel and steel semi-finished products stood at $X per ton in 2021, with an increase of 52% against the previous year. Overall, the export price, however, continues to indicate a mild setback. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was Bangladesh ($X per ton), while the average price for exports to Nepal ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Bangladesh (+7.3%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Raw Steel And Steel Semi-Finished Products

Imports into India

In 2021, the amount of raw steel and steel semi-finished products imported into India shrank sharply to X tons, falling by -51.3% against the year before. Overall, imports saw a precipitous contraction. The most prominent rate of growth was recorded in 2015 when imports increased by 85%. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, imports of raw steel and steel semi-finished products fell slightly to $X in 2021. In general, imports saw a drastic downturn. The growth pace was the most rapid in 2014 with an increase of 61%. Imports peaked at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

Oman (X tons), Italy (X tons) and Indonesia (X tons) were the main suppliers of imports of raw steel and steel semi-finished products to India, together comprising 61% of total imports. Hong Kong SAR, Sweden, China, Bhutan, Vietnam, South Korea, Turkey, Canada, the United Arab Emirates and Ukraine lagged somewhat behind, together comprising a further 34%.

From 2012 to 2021, the biggest increases were recorded for Turkey (with a CAGR of +135.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest raw steel and steel semi-finished products suppliers to India were Sweden ($X), Italy ($X) and Oman ($X), with a combined 63% share of total imports. These countries were followed by Indonesia, Hong Kong SAR, Vietnam, China, Canada, South Korea, the United Arab Emirates, Turkey, Ukraine and Bhutan, which together accounted for a further 26%.

Turkey, with a CAGR of +102.2%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average import price for raw steel and steel semi-finished products stood at $X per ton in 2021, with an increase of 96% against the previous year. Over the period under review, the import price showed prominent growth. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably country of origin: the country with the highest price was Sweden ($X per ton), while the price for Bhutan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Sweden (+17.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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