Finish long Steel (Bar & Rod) imports to India moved up sharply by 25% in FY19 and registered at 491,722 MT as against 391,822 MT in FY18, as per recently released customs data.
The rising imports attribute to India’s FTA with Singapore/South Korea/Japan, this in turn competitive landed cost of imported material. Notably, the domestic finished steel prices in India rose by 18% to INR 37,300/MT in FY19 as against INR 31,700/MT in FY18.
Under Finish Long commodities following HS Codes has been considered – Bar & Rod (HS Code 7213 & 7214), MS Wire (HS Code 7217) along with Angle & Shapes (HS Code 7215 & 7216).
As per data maintained by SteelMint stats, on monthly premises finish long steel imports in India registered at 52,835 MT in Mar’19 as against 29,343 MT in Feb’19, up by 80%.
Commodity wise Rebar imports were registered at 263,137 MT in FY19 (surge by 66%) against 158,697 MT in FY18, followed by Wire Rod at 168,597 MT (up by 7.35%) against 157,050 MT & Structure registered at 59,985 MT (down by 21%) against 76,073 MT (FY basis).
Unload Port – The major imports of Finish Long Steel in FY19 registered at west and southern regions – JNPT – 140,383 MT (+11%) against 126,026 MT in FY18 followed by Chennai port – 117,058 MT (+44%) against 81,150 MT and kattupalli port – 89,481 MT (+59%) against 56,217 MT in FY18.
Imports from Singapore and South Korea increased sharply – Major Imports in FY19 was marked from China at 106,218 MT (-6%) against 112,478 MT in FY18, followed by Singapore at 92,328 MT (+111%) against 43,836 MT in FY18 and South Korea – 84,178 MT (+106%) against 40,883 MT in FY18.
Offers
— The export offers from China is hovering at USD 530-540/MT for Rebar (commercial grade).
— Currently, the Rebar import offers to Singapore is observed at USD 505-510/MT CNF, for commercial grade.
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