India net steel importer in Apr-Aug

New Delhi: India imported finished steel worth Rs 36,193.9 crore in April-August this fiscal, and remained a net importer of the commodity during the period, according to official data.China, Korea, Japan, Indonesia and Vietnam were the top five countries that contributed significantly to the total 3.487.3 million tonne (MT) finished steel imports, up 29.5 per cent from 2.692.8 MT in April-August FY26.As per the Steel Ministry, the cost of inbound shipment of finished steel to India - which is the world's second-largest crude steel producer - was Rs 36,193.9 crore, 38.3 per cent higher than Rs 26,172.6 crore in the year-ago period.Also read: Welspun Corp arm wins Rs 4,000 crore order for supply of pipes; shares jump 4%The country mainly imported hot rolled (HR) coil/strip, cold rolled (CR) coil/sheets, GP/GC sheets/coil (Galvanized Plain/ Galvanized Corrugated), plates and bars & rods."India was a net importer of finished steel in terms of quantity for the period of April-August 2026," the official data said.In August alone, the country imported 0.72 MT of finished steel worth Rs 7,863.1 crore, 9 per cent higher than 0.67 MT worth Rs 6,377.6 crore in August 2025.India also progressed in increasing exports of finished steel during the period under review.In April-August, exports rose 34.1 per cent year-on-year to 2.98 MT worth Rs 23,646.6 crore from 2.22 MT or Rs 17,911.1 crore in the five-month period of the preceding financial year.Vietnam was the top export destination, followed by UAE, Italy, Belgium and Nepal.The government has been pushing domestic steel makers to increase production of high-end steel to cater to the local demand.In 2021, the government also introduced a production-linked incentive (PLI) scheme to strengthen India's manufacturing capabilities by offering financial incentives to eligible companies based on their incremental sales.The scheme, with an outlay of Rs 6,322 crore, was launched to boost domestic production of high-value steel.