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The Russian ruble hit Indian steelmakers

The fall of the ruble can go sideways Indian steelmaker. In connection with a reduction in the cost of Russian steel products manufacturers in India expect problems not only in domestic but also in foreign markets. Steelworkers India are experiencing a growing concern. Earlier, the country's leading steel company hoped to increase sales of products based on the introduction of a new government program. The program is designed to accelerate the country's economic growth, yet it is not justified. Local consumers, focusing on the depreciation of the RUB relative to USD, are more willing to buy goods from Russia. According to Sharad Mahendra, vice-president of «JSW Steel», in a little more than a month has already reached a number of agreements for the supply of Russian steel. In the future, the number of such contracts will increase.

According to data provided by the analyst Neeraj Shah, an expert in Russian and Indian steel market, the Russian manufacturers today are able to, for example, offer a discount on hot-rolled products. Indian companies also sell these items at 550−600 USD / ton. In February, the Russian steel will be in the Indian market.

India's position in the global steel market is also volatile. As experts say, consumers, before procuring an Indian steel — in particular, the Middle East countries — may prefer Russian products. The probability is high, considering sanctions against Russia and weakened demand from the West for Russian products. Constantly increasing activity of Chinese manufacturers only aggravates the situation.

Today, manufacturers of India does not plan to reduce the cost of their products. However, the steel industry experts do not rule out such a development. The cost of production will have to cut in order to sell more volume. Already in 2015, India is threatening the danger of transformation into a net importer, whereas before it was listed as a net exporter. A further weakening of the ruble will only strengthen the trend emerged. According to data provided by the World Association of the steel industry of the Russian Federation is on the 5 th place in the world steel smelting. India belongs to the 4th place, and the leader in the industry is China.

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