Skip to content
Search

Latest Stories

India’s steel imports from Russia rise to eight-year high in April-January

India’s steel imports from Russia rise to eight-year high in April-January

INDIA'S imports of Russian steel rose to an eight-year high during the first 10 months of the financial year that began in April 2022, government data showed.

India, the world's second-largest crude steel producer, imported 281,000 tonnes of steel from Russia between April and January, nearly five times higher than the same period a year ago, the data showed.

The rising imports are the result of shift in Russian steel trade flows to Asia after Western sanctions were imposed on Russia after its invasion of Ukraine last year. The change is displacing some traditional suppliers and domestic steel producers are raising concerns about potentially losing market share to the lower priced imports.

Moscow was the fourth-biggest steel supplier to India during the April to January period, emerging as one of the top five steel exporters to the country for the first time since the 2016/17 fiscal year, the data showed.

Between April and January, about 72 per cent of Moscow's steel shipments to India constituted hot-rolled coil (HRC) and strips.

Russia displaced Japan as the second-biggest supplier of HRC to India for the first time in at least eight years, the data showed.

Russian suppliers sold some of their HRC to Indian buyers at around Rs 46,000 ($555.86) a tonne, at least 21 per cent cheaper than domestic prices, said a government official with direct knowledge of the matter.

Indian steel companies have expressed concerns over cheaper Russian steel imports.

"The surge in volume and low price point is a matter of concern and needs to be contained," said Jayant Acharya, deputy managing director at JSW Steel Ltd.

India remained a net exporter of steel during the first 10 months of the 2022/23 fiscal year, the data showed, despite finished steel exports more than halving during the period because of sluggish global demand.

Russia continues to be a steady buyer of Indian stainless steel, with expectations those volumes will rise.

Jindal Stainless Ltd, India's biggest stainless steel manufacturer, said it expects its exports to reach a five-year high in the next fiscal year, buoyed by increased shipments to Russia and the start of exports to South America and the Middle East.

(Reuters)

More For You

Baiju Bhatt

At 40, Bhatt is the only person of Indian origin in this group, which includes figures such as Meta’s Mark Zuckerberg. (Photo: Getty Images)

Baiju Bhatt named among youngest billionaires in US by Forbes

INDIAN-AMERICAN entrepreneur Baiju Bhatt, co-founder of the commission-free trading platform Robinhood, has been named among the 10 youngest billionaires in the United States in the 2025 Forbes 400 list.

At 40, Bhatt is the only person of Indian origin in this group, which includes figures such as Meta’s Mark Zuckerberg. Forbes estimates his net worth at around USD 6–7 billion (£4.4–5.1 billion), primarily from his roughly 6 per cent ownership in Robinhood.

Keep ReadingShow less
UK business district
The Canary Wharf business district including global financial institutions in London. (Photo: Getty Images)
Getty Images

Economy shows no growth in July amid political turbulence

UK's ECONOMY showed no growth in July, according to official data released on Friday, adding to a difficult week for prime minister Keir Starmer’s government.

The Office for National Statistics (ONS) said gross domestic product was flat in July, following a 0.4 per cent rise in June.

Keep ReadingShow less
India’s IT sector

India’s $283 billion IT industry, which contributes more than 7 per cent to the country’s GDP, has for over three decades provided services to major clients including Apple, American Express, Cisco, Citigroup, FedEx and Home Depot.

iStock

India’s IT sector faces uncertainty as US proposes 25 per cent outsourcing tax

INDIA’s IT sector is facing uncertainty as US lawmakers consider a 25 per cent tax on companies using foreign outsourcing services.

Analysts and lawyers said the proposal has led to customers delaying or re-negotiating contracts, raising concerns in India, the world’s largest outsourcing hub.

Keep ReadingShow less
Rachel Reeves

'Our economy isn't broken, but it does feel stuck,' Reeves said, speaking alongside the release of a finance ministry report on business property taxation, known as rates.

Getty Images

Reeves signals possible changes to business property taxes ahead of budget

CHANCELLOR Rachel Reeves said on Thursday she is considering changes to business property taxes to support small firms looking to expand, as part of her plans to boost growth.

Reeves’ comments come ahead of her annual budget on November 26, at a time when concerns about possible tax rises and inflation are weighing on businesses and households.

Keep ReadingShow less
Rachel Reeves

Reeves pledged to keep a tight hold on spending to reduce inflation and borrowing costs amid concerns over Britain’s fiscal outlook.

Getty Images

Reeves urges ministers to back Bank of England on inflation

CHANCELLOR Rachel Reeves has said the government must support the Bank of England in bringing down inflation while also focusing on growth, ahead of a budget later this year that is expected to include tax rises.

Last week, Reeves said the economy was not “broken” as she announced November 26 as the date for her annual budget.

Keep ReadingShow less