Russian steel exports to India showed a substantial increase in 2023, reaching 686,533 tonnes, almost 1.5 times higher than the previous year. This was one of the consequences of Western sanctions that restricted the Russian steel industry's access to traditional European markets. In monetary terms, shipments also increased significantly, up 34% to $429 million.
Until 2022's EU sanctions, the share of Russian iron and steel products in the Indian market was negligible. However, the last year this share increased to 2.6%, making Russia the fourth largest supplier of steel in India. The leaders of the market are still South Korea (2.75 million tonnes), China (2 million tonnes) and the USA (1.92 million tonnes).
India's total steel imports more than doubled over the year to 26 million tonnes, while local producers increased output by 11% to 140 million tonnes. The country's steel consumption in the current fiscal year will grow by the same 11% to 132-135 million tonnes.
According to experts, the Indian market is not very attractive for Russian exporters because of high logistics costs and a discount to local prices. However, due to the implementation of sanctions against Russia, India has become one of the main markets for Russian steel.
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