Indian Finish Long Steel Import Hit 10-months Low in November

Finish Long Steel imports in India recorded 10 months low in Nov’18 and fell by around 24% M-o-M.

As per custom data maintained by SteelMint, Finish long steel imports in India was registered at 21,776 MT in Nov’18 as against 28,671 MT in Oct’18, down by 24% M-o-M. In line, yearly basis import diminished by around 10% against 24,164 MT in Nov’17.

Factor which have resulted low imports in finish long steel are declining prices of rebar in Indian domestic market as trade prices narrowed down by around INR 2,000-2,500/MT (USD 28-35) in Oct’18 in the major import locations (Mumbai & Chennai).

Declining imports also referred to depreciation in Indian currency against USD which made imports costlier and Currency fluctuated from INR 72.52 to 73.66 against USD in Oct’18.

In addition it also noted that, China is the largest exporter of Finish long steel in India, which rebar prices gained by around USD 10/MT while Wire rod offers decreased by around USD 20/MT in Oct’18. These factors have resulted decline in bookings by Indian importers.

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).

Commodity wise – Wire Rod being the major imported material during Nov’18 and registered with 12,613 MT (down by 1%) followed by Rebar at 6,488 MT (down by around 51%) & Structure registered at 2,674 MT (down by 11%) M-o-M basis.

Port wise unloading exist as Jawaharlal Nehru Port (JNPT) registered at 9,416 MT (down by 18.28%) followed by Chennai 7,924 MT (up by 14.37%).

Country Wise – Out of total Finish Long imports in Nov’18, major imports origin by China registered at 7,099 MT (-16%) followed by South Korea 3,730 MT (-3.29%) and Malaysia registered at 1,685 MT (-40%).

Updates

The global export offers of rebar hovering at USD 485-490/MT FOB China, USD 455-465/MT FOB Russia & USD 450-455/MT FOB Turkey, for commercial grade.

The Wire rod export of 6-8mm reported at USD 485-490/MT FOB Russia and FOB China & USD 570-580/MT FOB India.

Finish Long Steel Importers in India- (Nov’18)

Quantity in MT
Source-SteelMint Stats