In autumn, Russia became one of the largest steel suppliers to the Indian market, although exports were minimal before the sanctions and the European embargo, the Argus agency calculated, based on data from the Indian Ministry of Steel.
In November, Russian companies accounted for more than 10 per cent of Indian imports — 62.7 thousand tons of hot-rolled steel was shipped. Other major suppliers — Japan, China, and Vietnam — sent much smaller volumes to the country. In total, in April-November, Russia exported 158 thousand tons of hot-rolled steel to India.
India’s total steel imports in November became a record since October 2019 (600.3 thousand tons) amid a shortage of coal and high prices for coking grades. The country increased purchases of finished steel from April to November by almost a quarter (23 per cent) in annual terms, to 3.75 million tons.
Russia is faced with the need to reorient steel supplies after the loss of the European market. Before the sanctions, more than 40 per cent of Russian steel was exported. Now Severstal, which has come under American and European sanctions, is developing the Indian market most actively.
The Indian direction is promising for Russian companies. ICRA rating agency predicts that steel exports to this country will steadily grow — in fiscal years 2023-2024, such major manufacturers as Japan, South Korea, Russia, and China can maintain exports to India at a high level.