India's finished steel imports from Russia reached a four-year high

01 Dec 2022 CW Team

According to government data compiled by Reuters, India's finished steel imports from Russia increased to their highest level in at least four years between April and October, underscoring Moscow's efforts to divert shipments in the aftermath of Western sanctions.

Steel exports from Russia to India reached 149,000 tonne in the first seven months of the current fiscal year, which began in April, up from around 34,000 tonne shipped the previous year.

Russia accounted for about 5 per cent of total Indian steel imports but was one of the top five exporters.

Between April and October, India imported 3.2 million tonnes of steel, a 14.5 per cent increase over the previous year. South Korea exported 1.3 million tonnes to India, accounting for 41 per cent of total purchases.

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