India’s steel imports from Russia rise five fold in the last one year

India’s imports of steel from Russia have risen to an eight-year high during April to January period of the current financial year, news agency Reuters said. Sources said that inbound shipment of the metal could increase further.

Until now China and the US have remained India’s top two sources of steel.

India imported 281,000 tonnes of steel from Russia during this time which is about five times higher than the same period a year ago, it said.

Notwithstanding pressures from the West, India has maintained its strategic autonomy and continued its economic ties with Russia. Its imports from Russia have increased exponentially to $ 37.31 billion this financial year so far.

Russia is the fourth largest importing destination for India after China, UAE and the US. In 2021-22, Russia was placed 18th as India’s import partner, with $9.86 billion.

Besides steel, India’s imports of crude oil from Russia touched a record 1.4 million barrels per day (bpd) in January. This is an increase of 9.2 per cent from December as Moscow continues to top the chart followed by Iraq and Saudi Arabia.

In another report, Reuters noted that Russian oil accounted for 27 per cent of the 5 million bpd of crude oil imported by India last in January, data from trade sources via Reuters showed.

Amid rise in global uncertainties, India has made it clear its domestic needs will drive oil imports.

Meanwhile Moscow has also reached out to New Delhi exploring opportunities for purchase for at least 500 different products which include parts for cars, aircraft and trains.

India and Russia are also looking to deepen economic partnership in areas other than oil. The Russian government on its official website has emphasised that enhancing trade and economic cooperation between New Delhi and Moscow will remain “a key priority for the political leadership of both the countries”.

Also read: India keen on expanding exports to Russia