India's Q1 steel exports rise 26% on year as EU demand grows

The increase in first quarter was backed by a surge in exports for March, which jumped more than 2.2 times to 1.29 million mt.

The share of March exports to Belgium, Italy, Spain and Hong Kong showed annual increases while shipments to Nepal, the UAE and Vietnam posted falls, according to the Ministry of Steel.

Italy led the destinations with a 22% share of the March exports, up from 12% the year before, while Belgium had a 16% share versus 4% while Spain rose to 5% from 1%. Hong Kong's share of the March shipments expanded to 10% from less than 1% in March 2020.

The bulk of the March exports were made up of hot-rolled coil, which amounted to 676,200 mt, more than double against March 2020.

Overall, HRC exports in Q1 were 1.19 million mt, up 18.9% from Q1 2020 due to higher prices and demand in the EU.