India’s imports of steel from Russia has been provisionally estimated at 281,000 mt during the April-January period of the fiscal year 2022-23, up 400 percent year on year, according to data sourced from government on Tuesday, February 21.
Of the total volume imported, hot rolled coil (HRC) constituted 72 percent of the total, the data showed.
For the first time in eight years, Japan was displaced as the second biggest source of imported steel into India. According to an industry analyst, ex-Russia HRC is currently priced at around a 21 percent discount to the domestic trade price.
However, India’s minister of steel Jyotiraditya Scindia said in a statement last week, “Inbound shipment of steel was very minimal if you look at the real numbers. Our domestic market is growing tremendously and domestic producers are supplying well.”