India Finish Long Steel Exports dropped by 12%

According to the recent data by Indian customs shows that the Finish long steel exports dropped by 12.5% M-o-M to 0.14 MnT in Jan’18 against 0.16 MnT in Dec’18

As per manufacturers, reason behind the sudden decline was better realization in domestic trade. So most producers are reluctant on accepting rebar export orders and more focusing on domestic deals.

As per information, domestic deals have been fetching manufacturers more than INR 1,500-2,000/MT (USD 23-31) better than the export deals.

According to medium mills based in West & South India, during Jan 2018 the export buying interest for rebars was at close to USD 570-580/MT FoB India from South-East nations. However, at the same time domestic trades were made at INR 38,500-39,500/MT (USD 592-608) ex-mill (Chennai).

Meanwhile, the large scale producers have traded rebars at around INR 42,000-43,000/MT/MT (USD 646-662) ex-works.

Further, on yearly basis the exports registered mammoth growth of 180% with 0.14 MnT in Jan’18 against 0.05 MnT in Jan’17.

Bars & Rods have the major export portion with 0.11 MnT (79%) followed by remaining Angles & Shapes around 0.02 MnT and exclusive of Pipes.

Updates

1. South India, Chennai based trade participants reported export inquiries for Rebars at around USD 600-610/MT CIF basis from South East Asia.

2. As per JPC, Finish long (Bar & rods and Structures) steel production in India by both large and medium/small scale producers stood at 3.85 MnT in Feb 2018. The production dropped by around 1% Y-o-Y against 3.87 MnT in Feb’17 and on monthly basis it went down by around 3.27% compared with 3.98 MnT in Jan’18.