India’s crude steel production in May rose by 9.5% year on year, reaching about 13.51 million tons, while finished steel output climbed by 9.6% from the same month a year ago to around 13.15 million tons. The growth in domestic production comes amid a 200-day, 12% safeguard duty imposed on imported steel.

As a result of the safeguard measure, India’s finished steel imports dropped sharply by 40.7% year on year in May, falling to approximately 428,000 tons. This marks the second consecutive month of decline in steel imports.

Meanwhile, data also showed a continued downturn in finished steel exports. May marked the sixth straight month of export decline, with shipments falling by 9.1% year on year to 391,000 tons, indicating ongoing weakness in global steel demand.