Bar and rod import to India stood at about 0.14 MnT during Jan’16, out of which 80-85% contributed from China.
Bar and rod import to India rose by about 6% in Jan’16 compared to previous month, as per customs data available with SteelMint. Import of bar and rod stood at about 0.14 MnT in Jan’16, out of which 80-85% of the imported material comes from China.
Recently, Chinese government has intended to curtail steel production by 100-150 MnT pa from upcoming years as China is facing overcapacity of steel.
This is a also a sign of relief for all steel producers of other countries including India as China has been continuously dumping cheaper material since last few years.
Chinese wire rod export offers have fallen by USD 10/MT from the starting of Jan’16. Presently, offers are assessed in the range of USD 265-270/MT, FoB main port.
During Aug’15-Jan’16, import of bar and rod crossed the figure of 1 MnT, out of which around 60% consist of imported wire products.
Bar and rod import to India during Aug’15-Jan’16
| Month | Alloy bar & rod (CH-7228) | Non-alloy bar & rod (CH-7214) | Non-alloy bar & rod coil (CH-7213) | Other Non-alloy bar & rod (CH-7215) | Alloy wire (ch-7227) | Non-alloy wire (CH-7217) | Total | M-o-M |
| Aug’15 | 34,125 | 12,861 | 3,381 | 2,318 | 1,07,456 | 11,925 | 1,72,066 | |
| Sep’15 | 43,155 | 14,788 | 3,406 | 1,559 | 97,045 | 15,793 | 1,75,746 | +2% |
| Oct’15 | 62,271 | 35,470 | 7,760 | 1,035 | 1,22,524 | 14,494 | 2,43,554 | +39% |
| Nov’15 | 44,739 | 7,501 | 6,731 | 974 | 67,445 | 11,853 | 1,39,242 | -43% |
| Dec’15 | 34,466 | 28,527 | 6,499 | 1,288 | 56,229 | 11,852 | 1,38,861 | -0.3% |
| Jan’16 | 46,716 | 3,157 | 4,643 | 1,325 | 76,444 | 14,778 | 1,47,063 | +5.9% |
| China’s share in Jan’16 | 37,872 | 1,471 | 237 | 66 | 73,499 | 10,035 | 1,23,181 | |
| Total Aug’15- Jan’16 | 2,65,472 | 1,02,305 | 32,419 | 8,498 | 5,27,143 | 80,695 | 10,16,532 |
Quantity in MT, provisional data
Source: Custom data, SteelMint Research
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