Steel prices seesawed from peak levels to a 20-month low resulting in a wild swing in the fortunes of companies as Russia waged war on Ukraine. A year on, the spectre of conflict continued to cast its shadow as change in trade flows have kept raw material prices simmering, pushing up the cost of production while major economies await demand recovery.
Russia and Ukraine are major providers of steel and raw material to the world. In 2021, steel exports from the two countries stood at about 48 million tonnes (MT), accounting for around 10 per cent of global steel trade. On the input side – from iron ore and pellets to coal and metallics – both countries control a fair share of the flow of raw materials.
Russia exported around 32 MT of coking coal in 2021. “With Europe refusing to buy coal from Russia, the country redirected its exports to China, leading to a sharp rise in exports to around 46-48 MT in 2022. The supply chain disru
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