Although India has repeatedly raised its steel production target, it has recently encountered some "setbacks" in realizing its dream of a big steel country.
According to the latest official data released by India, in fiscal year 2019 (April 1, 2018 - March 31, 2019), the export volume of finished steel products in India was 6.36 million tons, down 34% from the same period last year. In the same period, the import volume of finished steel products increased by 4.7%, reaching 7.84 million tons. Exports failed to "outperform" imports, and three years later, India became a net importer of steel products again. For India, which is striving to develop its own steel industry and hopes to increase its steel self-sufficiency rate, this set of data will bring some frustration more or less.
As far as current development is concerned, India's re-emergence as a net importer of steel products is the result of multiple factors and multi-party game. It is hard to say how long this situation will last. After all, it is not excluded that India will restrain steel imports through tariffs and other means to achieve reversal, thereby protecting its steel industry.
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