Imported HRC offers to Indian market remain more or less unchanged from CIS and Asian countries. Increased duty on flat steel seems to have limited impact as demand continues to remain subdued. Domestic manufacturers have held their offers on anticipation that increased duty and mandatory BIS norms will give some direction to market.
Trade Log:
1. Chinese 2.5 mm SS400 HRC offers unchanged at around USD 350-355/MT, CFR India. However, importers worry that implementation of BIS will impact Chinese import. Not many Chinese mills are registered with Indian standards. Import duty on Chinese cargo is 10%.
2. Korean and Japanese mills are offering 2.5 mm HRC at USD 385-395/MT, CFR India. Sources confirmed to have offers from POSCO/Hyundai at USD 390-395/MT. Whereas, Japanese offers are assessed at USD 385-390/MT, CFR India. Import duty for Korea is 1.25%, while, for Japan is 0.8%.
3. Russian and Ukrainian offers are heard to be in the range of USD 360-365/MT, CFR India. However, Indian importers avoid these offers on longer delivery time. Import duty is 10%.
4. POSCO, Indonesia plate (A36) offers are in the range of USD 405-410/MT, CFR India for 16-20 mm. Whereas, Chinese plate offers are in the range of USD 355-360/MT, CFR India .
5. Indian 2.5 mm HRC prices remain unchanged at INR 34,000-34,500/MT (including Excise of 12.5%) in Mumbai.
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