As per Ministry of Steel’s data, import of bar & rod (non-alloy steel) in May’15 rose to 84,770 MT as against 58,170 MT in Apr’15.
GoI is trying to restrict import from China and other CIS countries for the benefit of local steel units. Recently, Central government raised import duty on long steel products from 5% to 7.5%.
The total import of Bar & Rod (including alloy & non alloy steel) stood at 1,18,390 MT in May’15 as against 1,10,370 MT in April’15.This suggests that imports are still ongoing. Meanwhile, the increase in import duty is marginal and can be offset by aggressive Chinese steel prices. It should also be noticed that the quantity in May’15 represents the booking done in April’15 when domestic prices in India were high. Presently, prices for May’15 are 5-year low.
Global Prices of Long Steel
| Region | Rebar | Wire Rod |
| US Import CIF | 485 | 510 |
| EU Import CIF | 467 | 489 |
| India Import CIF | 390 | 385 |
Prices as on June 11,2015
Unit: USD/tonne
Bar & Rod Import
| Month | Alloy Steel | M-o-M Change | Non-Alloy steel | M-o-M Change | Bar and Rod Import (Alloy & Non-Alloy Steel) | M-o-M Change |
| Jan’15 | 111,580 | -32% | 62,300 | -27% | 173,880 | -30% |
| Feb’15 | 155,590 | 39% | 47,800 | -23% | 203,390 | 17% |
| Mar’15 | 44,590 | -71% | 42,300 | -12% | 86,890 | -57% |
| Apr’15 | 52,200 | 17% | 58,170 | 38% | 110,370 | 27% |
| May’15 | 33,620 | -36% | 84,770 | 46% | 118,390 | 7% |
Source: JPC- SteelMinistry
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