Construction Industry News
The largest amount in recent memory, 468 percent more Russian steel was sent to India in the meantime April and November of this year.
India received 218,000 tons of shipments worth $253 million in the past eight months evaluation, compared to just 38,400 tons of shipments worth $61 million from Russia during the same time last year.
In the past few months, some of India's largest steel mills have expressed concern over the increase imports from Russia and other major markets such as China and Korea due to cheaper stocks, mill emergency sales and a drop in global steel prices.
According to a report by the Union Steel Ministry, Korea is the largest exporter to India in terms of exports volume and value, with nearly 1.5 million tonnes (mt) of steel coming in from April to November, a increase of 16%. Shipments from Russia experienced the highest percentage increase, making it the fourth largest supplier.
China, Japan and Indonesia are among other major exporters to India. Shipments from Japan fell 6%, while those from China and Indonesia increased 69% and 3%, respectively year after year.
More than 92% more than in the same period last year was seen in November.
A total of 158,400 tons of hot-rolled strip and strip, 9,200 tons of blank and corrugated board galvanized plates (GP/GC plates), 50,400 tons of electrical plates and a hundred tons various goods were imported from Russia.
Imports of semi-finished steel from Russia were valued at $2.9 million, while imports of finished steel were worth $250 million.
In July of this year, as well as in October and November of the same year, India became a net importer of steel (import greater than export). Nevertheless, during the eight month period, the nation remained a net exporter of steel.
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