As per the provisional customs data, India’s total flat steel imports under HS code 7208, 7209 and 7225 have registered a sharp decline by 11 % to 0.27 MnT in Oct’16 against 0.30 MnT in Oct’15.
However if yearly comparison is made, then India’s flat steel imports registered a significant fall of 50% in Oct’16 as compared to the corresponding month of previous year. The same stood at 0.65 MnT in Oct’15.
During the period of ten months from Jan-Oct 2016 flat steel imports slipped by 31% against the same time period of previous year.
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 Oct’16 HRC/plates imports fell by 31% in M-o-M basis and stood at 0.11 MnT in Oct’16.
CRC imports have also moved down by 80% to 0.01 MnT in Oct’16 in contrast to 0.05 MnT in Sep’16. However, electrical sheets imports have registered a surge of 66% in M-o-M basis and stood at 0.15 MnT.
The nation’s flat steel import s are decreasing owing to rise in coking coal prices in global market and subdued demand prevails in the domestic market.
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