According to government data, India's steel purchases from Russia are tentatively estimated at 281,000 tons between April and January of the 2022-2023 fiscal year, up 400% y-o-y.
It was seen that 72% of the total imports consisted of hot-rolled coils.
An industry analyst said that the price of hot-rolled coils produced in Russia is currently about 21% of the domestic trade price. However, Indian Steel Minister Jyotiradithya Scindia said last week that "When you look at the actual figures, the incoming steel shipments are very few. Our domestic market is growing rapidly and local manufacturers are supplying well."
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