New Delhi: In the latest development of strengthening ties, American Precoat Group, extends a bond with RUSLOM which represents 300 metal/steel producing and processing companies in Russia. RUSLOM hosted the Indo- Russia business conference on 30th May under the name of “Commercial and Industrial Dialogue and Business Cooperation”. In this, Dr Shubh Gautam was invited to share his thoughts on opportunities in Indo Russian Collaborations.
The Russian delegate is envisaging an event that will bring closer ties between the two nations in a time of economic turbulence in the world. The aim of the business mission to India from May 29 to June 6, 2022, is to familiarise them with their Indian counterparts and communicate and analyze more opportunities for partnerships between the Business leaders of the 2 nations.
The agenda of the meeting was analytical information and forecasts in the fields of trade and economy for both nations.
Secondly, it was the development of business partnerships, primarily in the field of metals and metallurgical raw materials, waste disposal, transport and equipment and other sectors of the economy.
Thirdly, it was building prospects for the implementation of investment projects;
Indian Steel Industry is among the second largest in the world and both the nations are at an opportune time for collaboration with each other. The country is a great tech nation that, coupled with innovation, has paved the way for investment opportunities in the steel and metal sector. At the same time, the nation has emerged as a major outward investor in many countries including Russia.
Interacting with the special correspondent, Dr Shubh Gautam, Chief Technical Architect of American Precoat and Advisor of Steel Users Federation of India says,” The rural market in India is evolving and we are looking forward to working together on this basis and demand in India stays solid. In March 2022, the average scrap price imported into India was 670 dollars per metric tonne, this was 120 dollars arbitrage for the average scarp imported into Asia. The Ministry of Steel has said that Indian Crude steel making will go from 100 million tonnes to 300 million Tonnes by 2030. If we want to scale from 100 million Tonne to 300 million tonnes in six years then you cannot do with blast furnaces as you have to do with the induction arc or electric arc furnaces. Scrap metal has more scope in India as our country is the third-largest consumptive economy on this planet.”
Speaking about the steel import duty, Dr Shubh Gautam pointed out that Indian steel imported to Russia carries a duty of 5 % versus Chinese steel that has been imported to Russia has a duty of 20%. Although Russia doesn’t import from India despite lesser import duty. This contributes to the fact that Russia spends millions of dollars extra on importing steel whereas from India it can save substantial money. With this American Precoat encourages Russia to import Indian steel and wishes to work together with the Russian Partners and increase the business & economic partnerships.
Commercial and Industrial Dialogue and Business Cooperation Opportunities between India and Russia
RUSLOM.COM is well-known internationally, being a long-term member of the leading global recycling industry organisations such as the world’s oldest Bureau of International Recycling (www.bir.org) and the European Recycling Industries Confederation (www. euric aisbl. eu), taking an active part in these organisations conventions, thus American Precoat is extending branches across European nations.
Participants of the event were the Russian Federation of the Republic Of India, MRAI, CII, FICCI, ASSOCHAM etc Leading Russian Banks Gazprombank, Credit Bank of Moscow and others.
As a robust and multicultural entity, American Precoat serves customers around the planet with products ranging from special electro alloy plating steel to polymer blend alloys coil coatings and is the only producer of Electro Galvanised Steel in India.
For more information, check our website: https://americanprecoat.com/
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