India’s Flat Products Import Up by 43% in Sep’16

As per the provisional customs data, India’s total flat steel imports under HS code 7208, 7209 and 7225 have registered a significant increase of 43% in Sep’16 against previous month of Aug’16. The same stood at 0.30 MnT in Sep’16 against 0.21 MnT in Aug’16.

HS code 7208 covers HR coils and plates, 7209 covers CR coils whereas electrical sheets are covered under HS code 7225.

If product wise imports are analyzed for the month of Sep’16, HRC/plates imports have doubled in M-o-M basis and stood at 0.16 MnT in Sep’16. As per SteelMint analysis, highest imports in the month of Sep’16 have been booked from Japan and South Korea at rates above fixed MIP.

CRC imports have increased from 0.03 MnT in Aug’16 to 0.05 MnT in Sep’16. Whereas electrical sheets imports have registered a fall of 10% M-o-M basis and stood at 0.9 MnT.

If we analyze Y-o-Y change in flat products imports, then the same registered a fall of 52% in Sep’16 against Sep’15. Flat products import stood at 0.63 MnT in Sep’15.