Total import of bar and rod in India significantly decreased in Jun’16. But, it rose for few particular code/ chapter.
As per customs data available with SteelMint, total import of bar and rod in India fell by about 25% to 83,800 MT in Jun’16 as compared to May’16.
However, if we analyze for particular code/chap i.e 7217 in which the government did not imposed MIP, import of wire products surged by about 58% to 38,900 MT in Jun’16 as compared to previous month.
Import of long product in India is very less as compared to flat product and so the government measures like MIP will have a minimal impact on long product market.
It is to be noted that the government imposed MIP on bar and rod under chapter/HS code 7213, 7214 and 7227 in the range of USD 449-455/MT, which is going to expire in early Aug’16.
Government is also considering to extend MIP beyond Aug’16 and may alter the list of items in steel products.
| 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 |
| Jan’16 | 46,700 | 3,200 | 4,600 | 1,300 | 76,400 | 14,800 | 1,47,000 | |
| 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’16 | 41,300 | 18,300 | 2,300 | 3,000 | 29,300 | 13,300 | 1,07,500 | -8% |
| May’16 | 40,300 | 22,000 | 2,200 | 2,200 | 20,600 | 24,600 | 1,11,900 | +4% |
| June’16 | 21,000 | 6,600 | 3,100 | 1,900 | 12,300 | 38,900 | 83,800 | -25% |
| Jan-June’16 | 2,19,600 | 83,500 | 18,200 | 10,600 | 2,61,000 | 1,19,200 | 7,12,100 |
Quantity in MT, provisional data
Source: Custom data, SteelMint Research
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