Although Safeguard duty imposition in September brought respite to the troubled Indian HRC sector, it created ruckus in the CRC segment.
As per SteelMint study, CRC imports registered an rise of about 42% in Oct’15 against Sep’15. The same is recorded at 1,45,358 MT in Oct’15 which was 83,872 MT in Sep’15, according to a provisional data based on customs records.
Usually import bookings are made two months before the date of delivery. Thus for September deliveries, bookings were made in the month of July and for October, orders were booked in August.
Although safeguard duty on HRC was announced in September, its rumor started doing rounds in the month of August. Due to this sellers based in China, Japan, and Korea started exporting steel more in the form of CRC, thus hurting Indian CRC industry.
HRC imports have registered a fall of 17% in Oct’15 against Sep’15 as the same were recorded at 3,68,645 MT in September and 3,07,455 MT in October.
Cold-Rolled Steel Manufacturers Association (CORSMA) along with industry bodies representing the end user segments had written to DG Safeguards (DGS) showing their agitation against safeguard duty.
DGS have accepted CORSMA along with 49 other industry bodies as affected parties and the next public hearing on safeguard duty case is scheduled on Nov 16, 2015.
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