NEW DELHI: Imports of finished steel from Russia to India during the first ten months of the fiscal year reached an at least eight-year high.
Foreign news organizations in this regard Reuters Official data compiled by India shows that India is the second largest importer of crude steel in the world.
According to the report, during the first 10 months of the fiscal year starting April 2022, India imported 281,000 tonnes of steel from Russia between April and January, which is almost five times more than the same period a year ago.
Sources say the increased trade activity between the two countries is due to a change in the flow of Russian steel trade after Western sanctions were imposed on Russia in the wake of Russia’s invasion of Ukraine last year.
Speaking to Reuters, Jindal, India’s largest steelmaker, said it expects steel exports to hit a five-year high next fiscal year, boosted by rising shipments from Russia and South America. And exports to the Middle East are off to a good start.