Indian Steel Imports from Russia Surged 400%

SEATTLE (Scrap Monster): India’s steel imports from Russia spiked 468% during the initial eight months of the current fiscal. The imports during Apr-Nov ’22 totalled 218,000 tons, which were valued at $253 million. During the corresponding eight-month period last fiscal year, the imports had totalled only 38,400 tonnes valued at $61 million.

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The imports from Russia have been on the rise during recent months, mainly due to cheaper offerings from that country and distress selling by Russian mills. The steel fall in international steel prices too have led to boosted steel exports to India.

The data released by the Union Steel Ministry said that Korea continued to remain as the largest exporter of steel to India. The imports from Korea totalled nearly 1.5 million tonnes during April-November this year, higher by 16% over the same period a year before. China, Japan and Indonesia were the other major exporters. While the imports from China and Indonesia were up by 69% and 3% respectively, those from Japan recorded decline by 6% year-on-year.

By volume, hot rolled coils and strips emerged as the topmost category of imports, with volumes of 158,400 tonnes. In value terms, the imports of semi-finished steel and finished steel were valued at $2.9 million and $$250 million respectively.