The biggest amount in recent memory, 468 percent more Russian steel was sent to India between April and November of this year.
India received 218,000 tonnes of shipments for $253 million over the eight-month period under evaluation, compared to only 38,400 tonnes of shipments worth $61 million from Russia during the same time last year.
According to a report from the Union Steel Ministry, Korea is the largest exporter to India in terms of volume and value, with nearly 1.5 million tonnes (mt) of steel coming in during April to November, a rise of 16%. Shipments from Russia saw the highest increase in percentage terms, making it the fourth largest supplier.
Total completed steel imports were 3.751 mt, up 22.5% year over year. From June through November, the amount of steel imported into India grew year over year, ranging from 444,000 to 600,000 tonnes.
Over 92% more than during the same time last year was seen in November.
"Volume wise, Korea (1.495 mt) was the top import market for India (40 per cent share in total)," the study stated. "HR coil/strip (1.22 mt) was the item most imported (33 per cent stake in total completed steel).
Semi-finished steel imports from Russia were valued at $2.9 million, while finished steel imports 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 (imports exceeding exports). Nevertheless, over the eight-month span, the nation continued to be a net exporter of steel.