Indian steel manufacturers can meet UAE’s supply demands, says minister

Indian steel manufacturers can meet UAE’s supply demands, says minister

India’s steel industry is poised to enhance production and fill the global supply gap as steel prices have soared due to the Russia-Ukraine conflict, said Union Minister of Steel, Ram Chandra Prasad Singh.

Speaking to Khaleej Times, the minister said India can also meet the entire supply demand of UAE for steel as India’s private steel manufacturers are ramping up production and also looking to forge mutually beneficial partnership deals with the UAE’s steel manufacturers.

“The UAE exports around 5.5 million tonnes of steel from other countries. That can be made from India, which is geographically close to the UAE,” said Singh who is in the UAE to inaugurate the ‘Steel Week’ at the India pavilion at Expo.

The prices of steel, Iron and other minerals have surged since the Russian invasion of Ukraine as both countries are major producers and exporters of steel and other minerals. Steel prices have jumped 20 per cent in the last month, according to Jindal Steel & Power (JSPL). Steel prices per ton cost about $1,200 in Europe, and the prices have hit around $1,100 in the Middle East and Africa region.

Companies from Europe, the Middle East and Africa are reaching out to Indian producers to meet