The reduction is attributed to improving exports and stable imports during February.
During this period, finished steel imports totaled 7.6 million tonnes (mt) valued at ₹63,432 crore ($7,663 million), while exports amounted to 6.6 mt valued at ₹53,021 crore ($6,405 million). India remained a net importer, with imports exceeding exports by nearly 1 mt.
Year-on-year, imports increased by 29 per cent, remaining steady in February at 0.8 mt. Exports, however, surged by 78 per cent year-on-year and by 21 per cent sequentially in February to over 1 mt.
Hot rolled coil/strips, accounting for 45 per cent share, were the most imported items at 3.4 mt, with China being the largest seller.
The highest exported item was hot rolled coils and strips, accounting for nearly 39 per cent of the volumes. Flat product exports rose by 16 per cent year-on-year to 5.9 mt, while non-flat products declined by 7 per cent year-on-year to 0.7 mt.
Italy, Spain, and Belgium were the top three buyers, with Europe accounting for 45 per cent of India's exports. Italy saw a significant increase in exports, up 85 per cent year-on-year, while Belgium and Spain also witnessed notable growth.
Other major buyers included Nepal and UAE, with varying levels of export volumes and values.
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