Russian-Ukraine war impact: Steel producers feel a new pinch in India

The Russia-Ukraine crisis has seen product prices soar, but raw material costs are rising even further

Russia’s war on Ukraine has sent steel prices soaring to its highest levels in the domestic market since November 2021. But there is little cheer in the industry. That’s because input costs are spiralling out of control, leaving the big boys nearly as high and dry as the small, medium and secondary steel producers.

Russia and Ukraine are major providers of steel and raw materials to the world. In 2021, steel exports from the two countries stood at about 45 million tonnes (mt), accounting for about 10 per cent of global steel trade. On the input side — from iron