Bar and rod import to India stood at about 1.76 MnT in FY16, out of which 58% consists of wire products.
As per customs data available with SteelMint, bar and rod import to India had significantly fallen by about 20% in Mar’16 as compared to previous month and stood at 0.11 MnT. Out of this, China contributed around 69% share of total import.
During Apr’15-Mar’16, import of bar and rod was about 1.76 MnT, out of this, close to 58% consists of wire products under chapter 7217 and 7227 and rest 42% imported material comes under chapter 7228, 7214, 7213, 7215.
On 5 Feb’16, Indian government imposed MIP on various steel products, including bar and rod under chapter 7213, 7214 and 7227, which somehow help to curtail import and will further reduce it in the upcoming months.
As per an importer based in Mumbai, ”No fresh booking has been heard from the last couple of months. Imported materials, now arriving to India, are only booked orders (before 5 Feb’16) or the goods in transit.”
Post MIP, primary steel manufacturers have surged prices of rebar and wire rod in the range of INR 5,000-6,000/MT, depending on the brands.
Bar and rod import to India during Apr’15-Mar’16
| Month | Alloy BAR AND ROD(CH-7228) | Non Alloy – BAR AND ROD(CH-7214) | Non Alloy – BAR AND ROD-Coil(CH-7213) | Other Non Alloy – BAR AND ROD(CH-7215) | WIRE of alloy Steel(ch-7227) | WIRE of Non alloy Steel(CH-7217) | Grand Total | M-o-M Change |
| Apr’15 | 31,400 | 21,300 | 7,300 | 2,400 | 32,500 | 10,800 | 1,05,700 | |
| May’15 | 22,900 | 7,400 | 6,200 | 2,000 | 34,400 | 13,100 | 86,000 | -19% |
| June’15 | 37,900 | 24,000 | 9,100 | 1,800 | 73,800 | 11,400 | 1,58,000 | +84% |
| July’15 | 22,900 | 26,600 | 3,000 | 2,700 | 71,300 | 13,000 | 1,39,500 | -12% |
| Aug’15 | 34,100 | 12,900 | 3,400 | 2,300 | 1,07,500 | 12,000 | 1,72,200 | +23% |
| Sep’15 | 43,200 | 14,800 | 3,400 | 1,600 | 97,000 | 15,800 | 1,75,800 | +2% |
| Oct’15 | 62,300 | 35,500 | 7,800 | 1,000 | 1,22,500 | 14,500 | 2,43,600 | +39% |
| Nov’15 | 44,700 | 7,500 | 6,700 | 1,000 | 67,400 | 11,900 | 1,39,200 | -43% |
| Dec’15 | 34,500 | 28,500 | 6,500 | 1,300 | 56,200 | 11,900 | 1,38,900 | 0% |
| Jan’16 | 46,700 | 3,200 | 4,600 | 1,300 | 76,400 | 14,800 | 1,47,000 | +6% |
| Feb’16 | 36,800 | 23,700 | 3,200 | 700 | 65,200 | 15,800 | 1,45,400 | -1% |
| Mar’16 | 33,500 | 9,700 | 2,800 | 1,500 | 57,200 | 11,800 | 1,16,500 | -20% |
| Apr’15-Mar’16 | 4,50,900 | 2,15,100 | 64,000 | 19,600 | 8,61,400 | 1,56,800 | 17,67,800 |
Quantity in MT, provisional data
Source: Custom data, SteelMint Research
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