Russian iron and steel exports to India surge 40% in June

Indian imports of iron and steel from Russia saw a significant increase in June, rising 40% compared to the same month last year to reach 382.58 crore INR (4.56 crore USD), according to calculations by RIA Novosti based on data from the Indian Statistical Service.

In H1 2024, India purchased ferrous metals from Russia worth 2,007.73 crore INR (23.93 crore USD), nearly two-thirds more than in H1 2023. The total value of metals supplied in 2023 reached 3,720.13 crore INR (44.34 crore USD).

In June, imports primarily included direct-reduced iron ore products valued at 327.21 crore INR (3.9 crore USD) and flat-rolled alloy steel products with a width of 600 mm or more, worth 46.15 crore INR (55 lakh USD).

Russia has continued to seek new markets for its exports, and India has continued to engage in trade with Russia, resulting in increased Russian imports in various sectors, including iron and steel. India's demand for iron and steel is driven by its expanding infrastructure projects and manufacturing sector. While striving for greater self-reliance in steel production, the country still relies on imports to satisfy growing demand.

Source: Prime