Safeguard duty on HRC and weak domestic demand leads to fall in flat steel imports during 1-15 Nov’15.
The total quantity of flat steel imported in first half of November fell by 55% as compared to the same period of previous month. According to provisional data based on customs records, HRC imports stands at 46,104 MT from 1-15 Oct’15.
Although CRC imports increased in October and stood at 1,45,358 MT post safeguard duty, it stands to be low at 49,788 MT in first half of November.
The import bookings are usually made two months before the date of delivery. For November deliveries, bookings were made in the month of September. Thus the impact of safeguard duty imposed in the month of Sept’15 has been witnessed in HRC imports during Nov’15.
The plunge in flat steel imports can also be attributed to sluggish domestic demand. As per market sources no major funds has been released for various infrastructure projects announced in 2015-16 budget due to which demand for flat steel remains flat.
The highest imports from 1-15 Nov’ 15 are booked from Korea followed by Japan and China.
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