Russian hot-rolled steel suddenly appeared on the Indian market

In the past few months, Russian hot-rolled coil has suddenly appeared on the Indian market. Some sources say that since June, Indian buyers have purchased about 150,000 tons of hot-rolled coil from major Russian steel suppliers such as Severstal and NLMK.

Such delivery was mainly associated with the Russian-Ukrainian war. Russian goods were under sanctions and many steel products could not be sold on the EU market, which was a really serious attack on Russia.

As a result, this forced Russian steel mills to resort to exporting hot-rolled products to India or other Asian markets with special offers.

However, it seemed that imports of hot-rolled steel to the Indian market would not increase sharply in the near future due to the appreciation of the Russian ruble.

Moreover, since the purchase of Indian hot-rolled coil from the export market has not been as expected, local Indian steel mills could supply these materials to the domestic market, which is likely to offer more competitive prices than imported Russian hot-rolled steel.
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