Moscow was India’s fourth largest steel supplier during the April to January period, emerging as one of the country’s top five steel exporters for the first time since the 2016/17 fiscal year, data showed.
Between April and January, nearly 72% of Moscow’s steel shipments to India consisted of hot-rolled coils (HRC) and strips.
The data shows that for the first time in at least eight years, Russia displaced Japan as the second largest supplier of HRC to India.
A government official with direct knowledge of the matter said Russian suppliers sold some of their HRC to Indian buyers at around 46,000 Indian rupees ($555.86) a tonne, at least 21% cheaper than domestic prices.
Indian steel companies have expressed concern over cheap Russian steel imports.