India steel exports surge 29.1% in March 2026 as imports fall 9.5%
Synopsis
India's steel exports jumped 29.1% in March 2026 while imports fell 9.5% — a reversal that tells a bigger story. With finished steel exports up 35.8% across FY26 and PLI investments generating 13,000+ jobs, India is quietly repositioning from a steel importer to a global supplier, with Vietnam, Belgium, and Taiwan now among its top buyers.
Key Takeaways
India's steel exports rose 29.1 per cent in March 2026 year-on-year; imports fell 9.5 per cent .
Finished steel exports surged 35.80 per cent in FY 2025–26 , while imports declined 46.47 per cent .
Top export destinations in March 2026: Vietnam , Belgium , and Taiwan — collectively over 50 per cent of finished steel exports.
PLI Scheme investment of ₹23,022 crore produced 2.4 million tonnes of specialty steel and over 13,000 jobs .
India has achieved roughly 66 per cent of its National Steel Policy production target.
India targets net-zero emissions in the steel sector by 2070 through green steel initiatives.
India's steel exports rose by 29.1 per cent in March 2026 compared to the same month the previous year, while imports declined sharply by 9.5 per cent, according to an official government statement issued on Tuesday. The data signals a decisive shift in India's industrial posture — from a net importer to an increasingly reliable global steel supplier.
Key Trade Figures
The export surge was not confined to a single month. Exports of finished steel climbed 35.80 per cent across FY 2025–26 compared to the same period last year, while imports fell by a steep 46.47 per cent over the same period. The top destinations for India's finished steel in March 2026 were Vietnam, Belgium, and Taiwan, which together accounted for more than 50 per cent of total finished steel exports.
Production Growth and Domestic Strength
India's overall steel production registered 9.1 per cent growth in FY 2025–26 year-on-year, reflecting both expanded capacity and stronger domestic demand absorption. The government has implemented measures to strengthen raw material availability, lower production costs, and reduce import dependence — steps that have also benefited MSMEs and small steel producers across the supply chain.
PLI Scheme Impact
Under the Production-Linked Incentive (PLI) Scheme, an investment of ₹23,022 crore was channelled into specialty steel production. This resulted in an output of 2.4 million tonnes and the creation of over 13,000 new jobs. Specialty steel — a high-value, downstream product — is one of 14 sectors covered under the PLI framework, aimed at moving India's steel industry up the value chain and improving export realisation. India has achieved approximately 66 per cent of its National Steel Policy production target, the statement noted.
Green Steel and the Road Ahead
Looking ahead, India is committed to decarbonising its steel sector through green steel initiatives that aim to reduce reliance on fossil fuels and cut carbon emissions. The country has set a target of achieving net-zero emissions by 2070. The sector's rising export competitiveness, combined with the push toward sustainable production, positions India's steel industry as a key pillar of the broader Atmanirbhar Bharat vision — a self-reliant industrial ecosystem with growing global relevance.
Point of View
Not just at the margins. But 66 per cent of the National Steel Policy target after years of PLI investment deserves scrutiny: the remaining third is the harder, more capital-intensive portion. The green steel ambition is real, but India's steel sector remains heavily blast-furnace dependent; without a credible transition roadmap and scrap policy reform, the 2070 net-zero target risks remaining aspirational rather than operational.
NationPress
28 Jun 2026
Frequently Asked Questions
By how much did India's steel exports grow in March 2026?
India's steel exports rose by 29.1 per cent in March 2026 compared to the same month the previous year, according to an official government statement. Finished steel exports for the full FY 2025–26 were up an even sharper 35.80 per cent year-on-year.
Which countries are the top buyers of India's finished steel?
The top destinations for India's finished steel exports in March 2026 were Vietnam, Belgium, and Taiwan. Together, these three countries accounted for more than 50 per cent of India's total finished steel exports that month.
What has the PLI scheme achieved for India's steel sector?
Under the PLI Scheme, an investment of ₹23,022 crore supported specialty steel production, resulting in 2.4 million tonnes of output and over 13,000 new jobs. Specialty steel is one of 14 sectors covered under the PLI framework.
How much of India's National Steel Policy target has been achieved?
India has achieved approximately 66 per cent of its National Steel Policy production target, according to the official statement. The remaining gap represents the more capital-intensive and technologically demanding portion of the target.
What is India's green steel and net-zero commitment?
India is working toward decarbonising its steel sector through green steel initiatives that reduce fossil fuel use and lower carbon emissions. The country has committed to achieving net-zero emissions in the sector by 2070.
