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Russia – India. Steel imports up, the highest result in 8 years

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India increased imports of Russian steel. In the period from April 2022 to January 2023, the highest result was achieved in eight years, according to government data collected by Reuters.

The data show that Indiathe second largest producer of crude steel in the world, drew from Russia 281 thousand tonnes of steel in the period from April 2022 to January 2023. This means an almost five-fold increase compared to the same period a year earlier.

About 72 percent of all imports from this direction were hot-rolled sheets (HRC) and steel strips.

India imports Russian steel

Reuters has pointed out that the rising imports are the result of a shift in steel trade to Asia after Western sanctions were imposed on Moscow for invading Ukraine. According to the data, Russia was the fourth largest supplier of steel to India. Moscow was among the top five largest suppliers for the first time since the 2016-2017 fiscal year.

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The financial year in India starts on April 1 and ends on March 31.

However, the figures do not sit well with domestic producers, who fear losing market share to lower-priced imports. One source told Reuters that Russian suppliers were selling hot rolled steel to Indian buyers at a price per tonne more than a fifth lower than domestic prices.

“The surge in volumes and the low price level is a cause for concern and needs to be brought under control,” said Jayant Acharya, deputy managing director at JSW Steel Ltd.

Main photo source: Shutterstock

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