According to statistics, India’s coking coal imports in November dropped by 1% year on year to 5.29 million tons, and the imports of iron ore plummeted by 49% year on year to 3.1 million tons. The significant decline in India’s imports of raw materials for steelmaking was due to falling demand from the global steel market.

Besides, owing to the decline in demand for semi-finished and finished steel products in India's domestic and export markets, steel prices have dropped as well. Therefore, Indian steel mills have decided to reduce their production and import volume.

In the fiscal year ending March 31, 2022, it was expected that India’s crude steel production will increase while demand and imports are decreasing.