Why Vietnam and Taiwan emerged as key steel export markets

Data presented by the Ministry of Steel in the Lok Sabha Monsoon Session showed that finished steel exports rose to 6.60 million tonnes in FY26 from 4.86 million tonnes in FY25. In value terms, exports increased to ₹4.86 lakh crore from ₹4.06 lakh crore during the period, although they remained below the FY24 level of ₹5.92 lakh crore.

Vietnam, Taiwan emerge as key growth markets

The recovery in steel exports was uneven, with shipments to Vietnam and Taiwan rising sharply, while exports to several traditional European markets remained below FY24 levels. Vietnam's exports rose to 772,000 tonnes in FY26 from 11,000 tonnes in FY25 and 343,000 tonnes in FY24, while Taiwan's shipments increased to 376,000 tonnes in FY26 from 31,000 tonnes in FY25. Italy remained the largest destination at 1.07 million tonnes, but shipments were down from 1.67 million tonnes in FY24, a decline of 36%, while exports to Spain and the UK also declined.

According to a separate PIB release, the export recovery was supported by market diversification and improved competitiveness, while finished steel imports fell 31.7%, helping India regain its net exporter status. Meanwhile, crude steel production grew 10.7% to 168.4 million tonnes in FY26, with finished steel consumption reaching 164 million tonnes, supported by demand from infrastructure, construction, railways and manufacturing.

India's biggest steel producers

The Ministry of Steel's producer-wise data shows JSW Group accounting for the largest share at 15.5%, followed by Tata Steel Group at 13.7% and Steel Authority of India Limited (SAIL) at 11.3%.

Jindal Stainless Limited (JSL) and Jindal Steel & Power Limited (JSPL) together accounted for 5.7%, while ArcelorMittal Nippon Steel India (AM/NS) accounted for 4.6%.

Together, the five largest producer groups accounted for 50.8% of the producer-wise share. The remaining producers accounted for 44.8%.

India's steel production is led by five states

The Ministry's state-wise data also shows a concentration of steel production across a handful of states.

Odisha accounted for the largest share at 8.21 million tonnes, or 19.5%. It was followed by Chhattisgarh at 6.10 million tonnes (14.5%), Jharkhand at 5.02 million tonnes (11.9%), Karnataka at 4.27 million tonnes (10.2%) , and West Bengal at 4.19 million tonnes (10%).

Together, these five states accounted for 27.79 million tonnes, or 66.1% of the state-wise share shown in the Ministry's data. The remaining states accounted for 14.28 million tonnes, or 33.9%.

The rise in shipments to Vietnam and Taiwan points to stronger demand from newer markets, while exports to several traditional European destinations remain below earlier levels. With domestic production and consumption also rising, the performance of Indian steel exports will depend on how the industry navigates changing global demand and market conditions.