India is now in big crisis because of high steel prices

Our country is now in big crisis because of high steel prices, the reason behind that the Steel manufacturers are not getting the scrap.  Maximum scrap was being exported from Ukraine to the world including India.

Now the steel manufacturers are getting very small quantity of scrap that too with the price hike of 50% because the finished steel prices have gone up by 40% to 50%.

As per the newspaper that Russia and India will start the business in Ruble as well as in Indian currency.  

I wish Ukraine may also agree to have the business in Indian Rupees also.

The import of scrap is now very small due to Russia and Ukraine war.  

A lot of quantity of scrap was being imported from these countries.

We all Indians wish that the war between Ukraine and Russia should be stopped immediately for welfare of both countries.

As soon as the war is over, it is expected that lot of and lot of scrap will be exported by Ukraine and Russia in abundance, as lot of vehicles, tankers and buildings from where the Steel scrap will be there.  So, all these items will be exported by them as scrap to India.

After the import of steel scrap from Russia & Ukraine (both countries), the prices of scrap may come down. 

In toto, after the war is over, we expect lot of scrap will be exported by Russia & Ukraine to India. So, there can be a big relief / sigh to Indian Steel Industries, i.e., 

(1) Steel manufacturers & 
(2) Factories where the steel is used for manufacturing their products.

Authored by:
Subhash Bajaj,
President,
North India Chamber of Exporters.