Indian Flat Steel Imports Hit 1-Year Low in February

High global prices and limited export allocations from Japanese and South Korean mills have lessened the import volumes to India.

As per customs data maintained with SteelMint ,Indian flat steel imports on monthly basis registered significant decline of 23% M-o-M basis in Feb’18 against previous month.

Nation has imported 0.37 MnT of flat steel in Feb’18 as compared to 0.48 MnT in Jan’18. The monthly import volumes have hit a year low as in Feb’17 the figures stood at 0.35 MnT.

Uptrend in global export offers and limited allocations for exports from Japan and South Korean mills have resulted to fall in import volumes of flat steel to India. Monthly average Chinese HRC export offers increased by USD 10/MT M-o-M in Feb’18.

India’s Galvanized steel import volumes plunged 31% M-o-M in Feb’18 – Galvanized steel imports witnessed significant decline of 31% in Feb ‘18 to 0.09 MnT against 0.13 MnT in Jan’18.

Also India imported 0.16 MnT of HRC/Plates (CH 7208) in Feb’18 down by 6% M-o-M basis in comparison to 0.17 MnT in Jan’18.

However electrical steel imports went down significantly by 33% to 0.10 MnT in Feb’18 against 0.15 MnT in previous month.Although CRC imports remain stable since past two months at 0.02 MnT.

Flat steel imports from South Korea fall by 5% in Feb18– In Feb’18,South Korea exported 0.19 MnT of flat steel (accounted for 51% of share ) reported decline by 5% on monthly basis against 0.20 MnT in previous month.

Other major flat steel exporting countries to India were China at 0.03 MnT ( 8% ) Japan at 0.07 MnT ( 19%) followed by Taiwan (0.03 MnT) Indonesia (0.01 MnT).

Mumbai port witness fall in flat steel import volumes by 33% M-o-M – Mumbai port accounted for 0.12 MnT of flat steel imports in Feb’18 down by 33% M-o-M against 0.18 MnT in Jan’18.Other Indian ports which accounted for their share in Indian flat steel imports was Chennai at 0.07 MnT followed by Mundra at 0.03 MnT, JNPT at 0.03 MnT and Hazira at 0.03 MnT in Feb’18.

POSCO Maharashtra was the largest flat steel importer in Feb’18- POSCO Maharashtra Steel Pvt.Limited was the major flat steel importer and has imported 54,599 MT in Feb’18.Other major flat steel importers were Welspun Corp.Ltd ,Hyundai Steel and Hariyana Ship Breakers Limited

Fig in MT
Source-SteelMint Research