Indian steelmakers could gain access to a new export market in Uzbekistan after the Indian Steel Association (ISA) signed a bilateral MoU with the Uzbekistan Metallurgy Association to strengthen cooperation between the two countries’ steel industries.
The agreement covers manufacturing, technology, environment, sustainable growth and logistics, and is intended to facilitate greater interaction between steel companies in India and Uzbekistan.
Uzbekistan imports around 1 mln tons of steel annually, including rebars, mainly from China. The country is seeking to source steel from India through shorter alternative routes to reduce logistics costs, which can reach around USD 100 per ton from China via sea routes, according to an industry official.
The ISA represents India’s steel industry and includes major producers such as Tata Steel, JSW Steel, Jindal Steel and AMNS India.