India Shifts to Net Steel Exporter Amid Import Curbs; Producers Face Margin Pressure

India became a net exporter of finished steel from April to December 2025, driven mainly by a 37% drop in imports due to government policies like safeguard duties and quality controls, rather than a surge in export demand. During this period, exports rose 33% to 4.79 million tonnes. Meanwhile, major steel producers such as Tata Steel, JSW, SAIL, and Jindal Steel face margin pressures in Q3 FY26 due to falling steel prices and rising coal costs, with estimated EBITDA declines attributed to these factors despite some production increases.