Imports of Hot Rolled Coil to India are not viable owing to devalued currency and average demand.
Current HRC (commercial grade) import offers from China are in the range of USD 560-565 CFR Mumbai, whereas prices from Ukraine and Russia are at around USD 550-560/MT CFR Mumbai.
Prices in the domestic market are in the range of INR 37,500-38,500/MT (Basic) while landed cost of imported material to Mumbai is at around INR 39,000-39,500/MT (import duty of 7.5% + Port handling expenses). This indicates imported material is dearer by INR 2,000/MT when compared to the domestic material. Imported material takes time reaching to country whereas, domestic material is easily available.
“Currently, imports are not viable at the moment largely due to weak Indian currency and also moderate demand. However Indian manufacturers are capitalizing on weak Rupee, which has made exports viable and also given support to domestic prices”, Said an importer based in Mumbai.
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