According to provisional customs data maintained with SteelMint ,India imported 0.76 MnT of flat steel in Aug’17 up by 9% M-o-M compared to 0.7 MnT in Jul’17.
However on yearly basis,Indian flat steel imports have increased more than two fold in Aug’17 in comparison to 0.34 MnT in Aug’16.
During the tenure of Jan-Aug’17 nation’s finish flat imports have reduced by 10% to 4.08 MnT compared to 4.52 MnT in similar time frame of previous year.
HRC/Plates has occupied the largest share of imports in Aug’17 -In Aug’17,India imported 0.32 MnT HRC (CH 7208) against 0.35 MnT in Jul’17. However imports of CRC, electrical steel and galvanised steel increased in Aug’17 against previous month. Similarly imports of GP/GC was assessed at 0.15 MnT, electrical sheets stood at 0.21 MnT and CRC at 0.07 MnT in Aug’17.
Mumbai port accounted for highest share in Indian flat steel imports in Aug’17 –Mumbai port accounted for 0.49 MnT of flat steel imports in Aug’17 against 0.30 MnT in Jul’17. Other major Indian ports which accounted for major share in Indian flat steel imports were Chennai at 0.06 MnT ,Mundra at 0.06 MnT and Kandla at 0.04 MnT in Aug’17.
South Korea was the major flat exporter to India in Aug’17-South Korea was the major flat steel exporter and has exported 0.28 MnT in Aug’17 in contrast to 0.27 MnT in Jul’17.In first eight months (Jan-Aug’17) India imported 1.46 MnT (35.8% share of total flat steel imports) flat steel from South Korea.Other major flat steel exporters to India in the month of Aug’17 were China (0.21 MnT), Japan (0.10 MnT) and Russia (0.06 MnT).
Market participants mentioned that buyers from India have booked an HRC shipment of around 40,000 MT from South Korean steel mills in the end of Aug’17- starting of Sep’17 which will arrive in the month of October’17.
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