+
 Indian steel mills step in to fill supply gap by Russia-Ukraine war
Steel

Indian steel mills step in to fill supply gap by Russia-Ukraine war

Steel mills in India rush to fill a supply gap formed by Russia’s invasion of Ukraine, as consumers from Europe to Africa turn to the world’s second-biggest producer, as Russia’s invasion of Ukraine has jeopardised steel supplies from both the significant producing countries.

It has additionally pushed firms from Europe, the Middle East and Africa to reach out to Indian producers even as steel costs have increased 20% in the last month, as per the Jindal Steel & Power Limited (JSPL).

There is a steel shortage in Europe, the Middle East, and the Africa region and that supply will be bridged partly by India and partly by China, as per V R Sharma, managing director of the Indian steelmaker. They are witnessing good orders from these places in the past week or so, with some buyers asking for immediate delivery for shipment in March and April.

Nearly a third of India’s steel and iron ore exports were headed for Europe last year, trade data revealed. India exported 20.63 million tonnes in 2021.

Industry experts anticipate Indian and Chinese steel mills to increase shipments to Europe to make up for supply shortages from Russia and Ukraine.

Jindal Steel and Power Ltd (JSPL) anticipates demand generated by cuts to supply from Russia and Ukraine to enhance its exports to up to 40% of sales from 25% presently as it looks to take advantage of record-high steel costs. They used to export nearly 25%, in 2-3 months we will be exporting about 35-40% so that they can take a share of higher costs, JSPL managing director V R Sharma told the media.

The firm is already booked till April 30 and will be booking orders for the coming month till the 30th of May.

Image Source

Also read: Top steelmakers ask for federal funding to cut carbon emissions

Steel mills in India rush to fill a supply gap formed by Russia’s invasion of Ukraine, as consumers from Europe to Africa turn to the world’s second-biggest producer, as Russia’s invasion of Ukraine has jeopardised steel supplies from both the significant producing countries. It has additionally pushed firms from Europe, the Middle East and Africa to reach out to Indian producers even as steel costs have increased 20% in the last month, as per the Jindal Steel & Power Limited (JSPL). There is a steel shortage in Europe, the Middle East, and the Africa region and that supply will be bridged partly by India and partly by China, as per V R Sharma, managing director of the Indian steelmaker. They are witnessing good orders from these places in the past week or so, with some buyers asking for immediate delivery for shipment in March and April. Nearly a third of India’s steel and iron ore exports were headed for Europe last year, trade data revealed. India exported 20.63 million tonnes in 2021. Industry experts anticipate Indian and Chinese steel mills to increase shipments to Europe to make up for supply shortages from Russia and Ukraine. Jindal Steel and Power Ltd (JSPL) anticipates demand generated by cuts to supply from Russia and Ukraine to enhance its exports to up to 40% of sales from 25% presently as it looks to take advantage of record-high steel costs. They used to export nearly 25%, in 2-3 months we will be exporting about 35-40% so that they can take a share of higher costs, JSPL managing director V R Sharma told the media. The firm is already booked till April 30 and will be booking orders for the coming month till the 30th of May. Image Source Also read: Top steelmakers ask for federal funding to cut carbon emissions

Related Stories

Gold Stories

Next Story
Infrastructure Urban

KONE Opens India's First Digital Experience Centre in Pune

KONE, a global elevator and escalator manufacturer, has inaugurated its first Digital Experience Centre (DEC) in India, located in Pune. The facility aims to showcase how artificial intelligence (AI), connectivity and data-driven technologies can enhance customer experiences and improve building operations.The centre was inaugurated by Jussi Herlin, Executive Vice Chair, KONE Corporation; Philippe Delorme, President and CEO, KONE; and Nandan Nilekani, Co-founder and Chairman of the Board, Infosys.Designed as an interactive customer environment, the facility demonstrates digital solutions cover..

Next Story
Infrastructure Urban

CII GreenCo Launches Circularity Guidelines for Indian Industry

The Confederation of Indian Industry (CII) GreenCo Council has launched the CII GreenCo Circularity Guidelines – Pilot Version at the 17th CII GreenCo Waste & Resource Management Summit 2026 in Chennai. The initiative aims to strengthen resource efficiency, waste reduction and circular economy practices across Indian manufacturing and process industries.The guidelines introduce a structured framework with circularity indices covering raw materials, consumables, packaging and other resource inputs. These indicators will help industries assess existing practices, identify opportunities to ..

Next Story
Infrastructure Energy

Global Electronics Association Launches IPC-1783-CO2E Standard

The Global Electronics Association has introduced IPC-1783-CO2E, a new international standard aimed at improving consistency, transparency and comparability in product carbon footprint reporting across the electronics manufacturing industry.The standard, titled International Standard for Data Collection and Reporting of CO2 Equivalent (CO2e) Emissions for the Electronics Manufacturing Supply Chain, provides industry-specific guidance for collecting, estimating and reporting carbon emissions data.With increasing regulatory requirements and customer expectations, electronics manufacturers face c..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code