Weakening of Dollar is promoting India's plan to import
1.5 lakhs tone of HR Coil in Kandla.
As learned from the sources, “India is planning to import
1,50,000 MT of HR Coil of 2.4-150 MM at Kandla port based in Gujarat. A Qty of
22,500 MT has already been imported at an average selling price of Rs 39,000-40,000/MT
(ED included, VAT extra).”
Whereas, Domestic HR Coil on an average is being sold at Rs
42,000-43,000+VAT i.e. higher from imported HR coil by Rs 3,000/MT.
China is quoting Hr coil 2-7 MM at $ 610 CNF India but due
to higher dollar realization earlier (i.e. 57-58) demand was weak.
Import of HR also attracts a duty of 10%. Excise duty that is refundable is Rs
4,320/MT
Buyers are now considering imported cargoes over domestic
cargoes and Importers are now taking position and trying to import a quantity
of 1,50,000 MT a month.
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