India carves up steel market under Ukrainian-Russian war
Time:Mon, 11 Apr 2022 09:30:47 +0800
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Taking advantage of the 7% gap in global steel supply vacated by the Ukrainian-Russian war, India aggressively attacked the European and American markets. Indian hot-rolled steel was sold to Europe, while Indian pig iron assaulted the US market.
The steel products exported by Russia and Ukraine were exactly in line with the steel products produced by India. At the same time, China suppressed the export of steel due to the implementation of policies such as dual control of energy consumption, which allowed India to carve up the gap in the European steel market.
India strove for the ruble-rupee settlement mechanism, buying Russian oil resources at low prices, purchasing large quantities of low-priced Russian coking coal, and using low-cost steel to cut into the European market. As a result, India can be the biggest beneficiary of the global steel market in the Ukrainian-Russian war.
