Last month, the government scrapped the export tax but steel makers and industry officials said it would be a challenge for mills to regain their traditional markets, including Europe.
Despite a drop in exports, India, the world’s second-biggest crude steel producer, was a net exporter of the alloy.
India imported 3.8 million tonnes of finished steel in the first eight months of its financial year, up 22.5% from a year earlier. Crude steel production jumped 5.6% to 81.9 million tonnes.
The country’s finished steel output rose 6.4% to 77.7 million tonnes, while consumption went up by 12% to 75.3 million tonnes between April and November.