In April to October, completed steel imports to India from Russia reached a 4-year high

According to government statistics collated by Reuters, India's finished steel imports from Russia during April to October increased to their highest level in at least four years, highlighting Moscow's attempt to redirect exports in the wake of Western sanctions.

In the first seven months of the current fiscal year, which started in April, Russia's steel exports to India increased from about 34,000 tonnes exported a year earlier to 149,000 tonnes.

Despite being one of the top five suppliers, Russia only contributed roughly 5% of India's total steel imports.

Between April and October, India imported 3.2 million tonnes of steel, a 14.5% increase over the same period last year. India's total imports from South Korea were 1.3 million tonnes, or 41% of the country's total imports.

India became a net exporter of steel between April and October, despite the fact that total shipments more than halved as a result of an export tax and a slowdown in global demand.

India removed the export tax imposed on some steel intermediates earlier this month, reigniting hopes for a recovery in exports.

The six to seven distressed Russian steel cargoes that came during the current fiscal year, according to JSW Steel Ltd (JSTL.NS), India's largest steelmaker by capacity.

Indian businesses have started importing coking coal from Moscow in addition to purchasing significant amounts of steel from that country.

In 2022–2023, Indian steelmakers have already imported a record 5–6 million tonnes of Russian coking coal, up from less than 2 million tonnes the previous year.