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

Asian firm acquires Kings Court Hotel for £2.75m

UK-based Nanak Hotels acquired the 60-room Kings Court Hotel in Warwickshire for £2.75 million. (Photo: Colliers International UK)

Asian firm acquires Kings Court Hotel for £2.75m

UK-BASED Nanak Hotels recently acquired the 60-room Kings Court Hotel, a 17th-century property in Warwickshire, England, for £2.75 million. This is the first regional acquisition by the privately held firm led by British Indians Harpreet Singh Saluja and Karamvir Singh.

Nanak Hotels, which operates a UK property portfolio, plans to invest in the property's refurbishment and repositioning, according to a statement from Colliers International UK, which brokered the transaction.

Keep ReadingShow less
Priya Nair becomes first woman CEO in Hindustan Unilever's history

Priya Nair (Photo: Unilever)

Priya Nair becomes first woman CEO in Hindustan Unilever's history

PRIYA NAIR has been appointed as the CEO and managing director of Hindustan Unilever Ltd (HUL), effective from August 1. She will be the first woman to lead the company in its history.

The announcement was made by HUL on Thursday (10). Nair, who currently serves as president, Beauty & Wellbeing at Unilever, will take over the role from Rohit Jawa, who will step down on July 31 to pursue other interests.

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

Economy shrinks again in May, hitting Labour’s growth plans

THE UK economy contracted unexpectedly in May, marking the second consecutive monthly decline, according to official data released on Friday. The figures present a challenge for the Labour government as it attempts to revive economic growth.

Gross domestic product fell by 0.1 per cent in May, following a 0.3 per cent contraction in April, the Office for National Statistics (ONS) said in a statement.

Keep ReadingShow less
SBI UK cuts mortgage rates

The bank's commitment to green lending reflects focus on sustainability (Photo: Getty Images)

SBI UK cuts mortgage rates

BANKING major State Bank of India (UK) has cut interest rates on its buy-to-let mortgage products to help landlords reduce borrowing costs.

The bank said the rate cuts would help landlords invest in rental properties and meet growing demand for rental homes across the UK.

Keep ReadingShow less