Total import of bar and rod in India significantly decreased in Jul’16 against Jun’16, particularly for wire products. But, it moved up for products under chapter/code 7214.
As per customs data available with SteelMint, total import of bar and rod in India fell by about 36% to about 53,900 MT in Jul’16 as compared to Jun’16.
If we analyze for particular code/chapter i.e 7217, import of non-alloy steel wire drastically fell by about 87% in Jul’16 compared to previous month. Contrastingly, import of non-alloy bar and rod under code/chapter 7214 increased significantly by about 110% in the same duration.
It is to be noted that the government has extended MIP on 66 steel products on 4 Aug’16 for another 2 months, including for bar and rod under chapter/HS code 7213, 7214 and 7227 in the range of USD 449-455/MT. So, the extension of MIP will be valid till 4 Oct’16.
Bar and rod import to India during Jan-Jul’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 |
| 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% |
| July’16 | 20,800 | 13,900 | 1,500 | 700 | 12,000 | 5,000 | 53,900 | -36% |
| Jan-July’16 | 2,40,400 | 97,400 | 19,700 | 11,300 | 2,73,000 | 1,24,200 | 7,66,000 |
Quantity in MT, provisional data
Source: Custom data, SteelMint Research
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