Ruble Rout Exposes India’s Steelmakers to Russia Threat - Bloomberg

Ruble Rout Exposes India’s Steelmakers to Russia Threat - Bloomberg:



"The rout in Russia’s ruble is making life tougher for Indian steelmakers. 




Companies such as Tata Steel Ltd. (TATA), JSW Steel Ltd. (JSTL) and Steel Authority of India Ltd. (SAIL) planned higher output, aided by Prime Minister Narendra Modi’s push for faster Indian economic growth. Some local buyers are turning to Russian alloy instead after the past year’s 47 percent plunge in the ruble against the dollar -- among the world’s steepest -- made the nation’s exports cheaper.



“In the past month or so, deals have been struck for steel imports from Russia,” said JSW Steel’s Mumbai-based Senior Vice President Sharad Mahendra, referring to users and traders of the alloy. Such purchases “will only increase,” he said."



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