Finish Long Steel Imports in India registered major down fall since Feb’18 and as per data the imports have declined by about 40.51% M-o-M in Aug 2018.
As per custom data maintained by SteelMint stats, Finish long steel imports in India was registered at 31,087 MT in Aug’18 against 52,259 MT in Jul’18, down by 40.51% M-o-M. On contrary, yearly basis imports surge by 23.17% against 25,239 MT in Aug’17.
Under Finish Long commodities following HS Codes has been considered – Bar & Rod (HS Code 7213 & 7214), MS Wire (HS Code 7217) along with Angle & Shapes (HS Code 7215 & 7216).
The major factors behind decline in imports cited was depreciation in Indian currency against USD which made imports costlier and sufficient production from major Indian producers.
As per SteelMint assessment, Indian domestic finished steel prices slump near about INR 3,000-4,000/MT (USD 41-55) during Jul’18, resulted limited bookings for imports as buyers were cautious over significant fall in domestic prices.
Commodity wise – Rebar being the major imported material during Aug’18 and registered with 13,460 MT (down by 39.60%) followed by Wire rod at 13,335 MT (down by 17.75%) & Structure registered at 4,292 MT (down by 69%) M-o-M basis.
Port Wise – Unloading acquired the largest container port in India i:e; Jawaharlal Nehru Port (JNPT) registered at 12,536 MT (up by 3.26%) followed by Chennai 8,507 MT (down by 50%) & Kattupalli port which is also located near to Chennai port around 30 KM registered at 5,752 MT (down by 50.53%).
Country Wise – Out of total Finish Long imports in Aug’18, major imports origin by China registered at 9,715 MT (-11%) followed by Singapore 5,515 MT (-52%) and South Korea registered at 3,774 MT (-62.13%).
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