India's finished steel imports from Russia hit 4-year high in April-October

  • 02-Dec-2022
  • India's finished steel imports from Russia hit 4-year high in April-October

NEW DELHI: According to government statistics by Reuters, India's finished steel imports from Russia during April to October increased to their highest level in at least four years, highlighting Moscow's attempt to redirect exports in the wake of Western sanctions.

In the first seven months of the current fiscal year, which started in April, Russia's steel exports to India increased from about 34,000 tonnes exported a year earlier to 149,000 tonnes.

Between April and October, India imported 3.2 million tonnes of steel, a 14.5% increase over the same period last year. India's total Imports from South Korea were 1.3 million tonnes, or 41% of the country's total imports.

India became a net exporter of steel between April and October, despite the fact that total shipments more than halved as a result of an export tax and a slump in global demand.

India removed the export tariff imposed on some steel intermediates earlier this month, reigniting hopes for a recovery in exports. The six to seven distressed 

Russian steel cargoes that came during the current fiscal year, according to JSW Steel Ltd (JSTL.NS), India's largest steelmaker by capacity. Indian businesses have started importing coking coal from Moscow in addition to purchasing significant amounts of steel from that country.

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