New Delhi, Mar 28 (KNN) India's steel trade deficit has come down by 10 per cent year-over-year to Rs 10,411 crore (USD 1.26 billion) for the April–February period of the current fiscal year, according to a report by the Steel Ministry.

The narrowing deficit can be attributed to a surge in steel exports and stable imports during February.

India's finished steel exports surged 78 per cent year-over-year to 6.6 million tonnes (MT) valued at Rs 53,021 crore (USD 6.4 billion) during April-February.

Hot rolled coils and strips accounted for nearly 39 per cent of total exports at 2.6 MT.

Italy emerged as the largest buyer of Indian steel, with exports rising 85 per cent to 1.5 MT.

Other top European destinations included Spain (0.63 MT), Belgium (0.8 MT), France, Germany, and Greece. Outside Europe, Nepal (0.6 MT) and UAE (0.5 MT) were major importers.

On the other hand, finished steel imports increased by 29 per cent year-over-year to 7.6 MT valued at Rs 63,432 crore (USD 7.66 billion).

Hot rolled coil/strip accounted for 45 per cent of imports at 3.4 MT, with China being the largest supplier.

The narrowing trade deficit indicates India's improving steel trade competitiveness backed by rising exports to traditional markets like Europe and new destinations.

However, high imports, especially from China, remain a concern for domestic steelmakers.

(KNN Bureau)