Indian finished steel consumption rose 4.5% on-year in the fiscal year through March 2016 (FY16) to 80.45 million tonnes. This was outpaced however by a 26% growth in imports to 11.71mt, Kallanish learns from India’s steel ministry.

Indian crude steel production in calendar year 2015 rose 3% on-year to 89.58mt, according to worldsteel. The association forecasts Indian finished steel consumption to grow 5.4% on-year in 2016 to 83.8mt, the fastest growth of the top ten steel using countries. “India’s prospects are brightening due to low oil prices, the reform momentum and policies to increase infrastructure and manufacturing output,” worldsteel said last month.

In order to ensure domestic steelmakers benefit from the increased consumption, India has implemented various measures in recent months to shield its market from imports. These include a minimum import price system, a safeguard duty on imports of some hot rolled flat products, and an anti-dumping duty on cold rolled stainless flats imports.

Indian steelmakers are due to publish their FY16 financial results later this month, giving an indication into how the measures have boosted their sales and profit margins.