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

Next Story
Technology

We’re building robots that flow, not just move

Founded in 2021, Flo Mobility is reimagining construction automation with vision-AI robots designed for seamless movement through complex sites. In conversation with CW, Manesh Jain, Founder & CEO, discusses the company’s origin, its LiDAR-free tech stack, and expansion plans in the Middle East and US.What inspired the name Flo Mobility? Why ‘Flo’ and not ‘Flow’?When we started the company in 2021, our focus was on building autonomous navigation systems for robots. Since our work centred around robot movement, ‘mobility’ naturally became part of the name. We wanted to co..

Next Story
Real Estate

We’re committed to setting benchmarks in sustainable luxury living

From a landmark land acquisition in Boisar to ambitious launches across the Mumbai Metropolitan Region (MMR), National Capital Region (NCR), Bengaluru and Pune, Birla Estates is driving future-ready growth with a strong focus on sustainability, partnerships and premium living, firmly anchored in its LifeDesigned® philosophy. K T Jithendran, Managing Director & CEO, outlines the company’s premium, sustainable growth playbook in conversation with PRATAP PADODE, Editor-in-Chief, CW. Excerpts:Birla Estates recently acquired a 70.92-acre land parcel in Boisar, Maharashtra, for..

Next Story
Infrastructure Urban

Mumbai’s land crunch and ageing homes call for structured renewal

Founded in 2022, Etonhurst Capital Partners is a real-estate fund management platform focused on the Indian market. As the firm achieves the first close of Rs 1.8 billion for its debut Rs 5 billion fund, Bamasish Paul, Co-founder, Managing Partner & CEO, discusses its sharp focus on redevelopment-driven value creation in Mumbai’s urban core with CW. Excerpts:Etonhurst Capital has achieved a significant milestone with the first close of Rs 1.8 billion for its Rs 5 billion fund. What factors contributed to this early success and how do you plan to attract further investments to r..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?