India’s steel trade deficit saw a significant turnaround in July, narrowing by 28% in one month. The deficit came down by ₹1,195 crore in July alone. This change was driven by a jump in exports and a continuous decline in imports since April, which is attributed to safeguard and quality control orders. India became a net exporter of finished steel in June 2025 for the first time in 14 months.
From April to July, exports of finished steel stood at 1.70 million tonnes, an 8% increase year-on-year, while imports were down by 40%. The report from the Steel Ministry indicated that while steel prices showed a mixed trend in major markets, rebar and hot rolled coils (HRC) prices in India came down in July. The major export destinations for Indian steel were Europe, with Belgium, Italy, and Spain being the top three buyers.