India’s Russian steel imports on an eight-year high in April-Jan

21 Feb 2023 , 03:28 PM

According to government data, India’s imports of Russian steel reached an eight-year high during the first ten months of the fiscal year that began in April 2022.

According to the data, India, imported 281,000 tonnes of steel from Russia between April and January, nearly five times the amount imported the previous year. India is world’s second largest producer of crude steel.

The increased imports are the result of a shift in Russian steel trade flows to Asia following the imposition of Western sanctions on Russia following its invasion of Ukraine last year. Some traditional suppliers are being displaced, and domestic steel producers are concerned about potentially losing market share to lower-cost imports.

The data highlighted that Moscow was the fourth-largest steel supplier to India from April to January, becoming one of the top five steel exporters to the country for the first time since the 2016/17 fiscal year.

Approximately 72% of Moscow’s steel shipments to India were hot-rolled coil (HRC) and strips between April and January.

Steel companies in India have expressed concern about cheaper Russian steel imports.

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