Current offers for imported slabs from Brazil are assessed at USD 265/MT and from Iran at USD 255/MT, CNF India. Although no fresh offers are heard from Indonesia, exporters there are heard to sold stock lot material at USD 255-260/MT, CNF India.
Korean suppliers are offering 220mm-230mm slabs at around USD 270-275/MT FOB Korea, which is around USD 290-300/MT CIF India.
It is to be noted that there is no duty on imports from Indonesia while Korean imports attract a duty as low as 1.2% due to preferential trade agreement, imports from Brazil and Iran attract duty of 10%.
As heard from market participants, there is no buying interest in Indian market for imported offers owing to falling plate prices in domestic market. As per SteelMint study, plate prices in domestic market have registered a fall of about 30% Y-o-Y.
“Buying interest is quite dull in Indian market. Price expectation for Korean slabs is around USD 270/MT, CIF India while from Iran and Brazil it is around USD 240-250/MT,CIF India”; quoted a global trading house, offering Korean slabs in Indian market.
Last month Indian plate prices corrected by INR 1,000-2,000/MT (USD 15-30/MT ) due to cheaper imports from Indonesia and China.
Indian slab imports were recorded at 37,000 MT in September, out of which major quantity was imported from South Africa followed by Iran.
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