The war in Ukraine has “jeopardized steel supplies from both the major producing nations, straining an already tight market in Europe and sending prices soaring,” according to Bloomberg.
 
According to The Economic Times, industry experts expect steel mills in India and China to increase shipments to Europe to make up for supply shortages.
 
“There is a shortage of steel in Europe and the Middle East and Africa region and that supply will be bridged partly by India and partly by China,” V.R. Sharma, managing director of JSPL, said. “We are seeing good orders from these places in the last week or so, with some buyers asking for immediate delivery for shipment in March and April.”
 
“The opportunity for Indian mills is that they can supply a big quantity and that will add to their profit lines substantially,” Sharma added.