New Delhi: India’s steel trade in FY24 showed a mixed performance, with a trade deficit in core steel but a surplus in steel products, think tank Global Trade Research Initiative ( GTRI ) said Monday. Overall, India exported $21.8 billion worth of steel and steel products, while imports totaled $23.7 billion, highlighting challenges in the core steel segment. “India’s steel user industry is grappling with a severe crisis brought on by prolonged port delays and cumbersome regulatory requirements,” said GTRI founder Ajay Srivastava. While policies designed to protect domestic steelmakers—such as import restrictions and quality control measures—are well-intentioned, they have inadvertently placed a heavy burden on industries reliant on imported steel. “As a result, over 10,000 units are facing operational and financial challenges, jeopardizing their production and export potential,” he said. 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The think tank highlighted that Jindal Stainless ’ joint venture with China’s Tsingshan in Indonesia produces 1.2 million metric tonnes of stainless steel annually, which could challenge domestic players if re-imported. “The steel user industry’s high export levels and controlled imports highlight its strength, but unresolved supply challenges could severely impact its growth and competitiveness,” GTRI said. Emphasising the pressing need to balance the interest of both steel makers and steel user industry, it said: “The government’s policies, aimed at shielding domestic steelmakers from global competition, have unintentionally penalized industries dependent on imports, undermining growth and export potential”. As per the report, core steel exports declined to $11.9 billion in FY24 from $12.1 billion in FY21 reflecting difficulties in competing with cheaper imports and limited domestic production of high-end steel. On the other hand, imports of core steel more than doubled to $18.6 billion in FY24, driven by demand for items not widely produced in India, such as flat-rolled and specialty steels used in advanced sectors like defense and aerospace. Other major import categories included steel scrap, steel ingots, stainless steel ingots and ferroalloys. About 37% of steel product imports were utilized in industries like construction, plumbing, and sanitary ware manufacturing, according to GTRI. The surge in core steel imports underscores the need for enhancing domestic production capabilities, particularly for high-end and specialty steels, Srivastava said. Besides, delays in importing key materials like CRGO steel for transformers and galvalume steel for corrosion resistance applications are affecting production schedules, delaying energy and infrastructure projects and exports. Nominations for ET MSME Awards are now open. The last day to apply is November 30, 2024. 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