With prices of imported flat steel reaching at the same level of domestic prices exporters across the world to India are facing a tough competition to sell their materials (HRC and CRC) to India.
Quantity of HRC (Ch-7208) Imported from Europe in the month of April was 67,200 metric ton (MT) which has seen a decline of nearly 37% when compared to imports in the month of March. On the other side quantity Imported from other Asian countries also has seen a slight decline of 2%.
Major reasons for the decline in quantity imported are competitive prices offered by Indian manufacturers, liquidity crunch and low buying interest among end users, traders and importers.
Currently the price for Hot Rolled Coil in domestic (India) market is at around Rs 36000++ (Ex-Delhi) whereas material from Japan is at the same level when compared to Indian HRC prices making the domestic material more feasible due to quality and other expenses to be incurred on the material.
Earlier in the month of February prices of HRC in the country were in the range of Rs 35600-36100++ (Ex-Delhi) and that in the month of March prices were at Rs 35300++ (Ex-Delhi), however prices of Imported HRC from Japan were in the range of USD 640-645/MT (Rs 34500-35000) for the month of February and March respectively.
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