Indian Finish Long Steel imports plunged by 10.7% to 27,504 MT in Feb’20 as against 30,790 MT in Jan’20, as per the custom data maintained by SteelMint. On a yearly basis, it dropped by 6.3% in Feb’20 as compared to 29,343 MT in Feb’19.
Decline in finish long steel imports by India can be attributed to the lack of demand in Indian domestic market. Also, domestic finished steel prices particularly rebar prices drifted down by INR 1,600/MT and wire rod prices fell by INR 1,200-1,300/MT and Monthly average prices too decreased by 3-4% across major regions.
Commodity wise- Rebar imports were recorded at 16,433 MT in Feb’20, up by 19.9% against 13,708 MT in Jan’20. Wire rod imports were registered at 8,914 MT in Feb’20 (-17.6%) against 10,826 MT in Jan’20 while Structure imports were registered at 2,157 MT in Feb’20 (-65.5%) from 6,257 MT in Jan’20.
Under finish long steel commodities, following HS codes have been considered – Bar & Rod (HS Code 7213 & 7214), MS Wire (HS Code 7217) along with Angle & Shapes (HS Code 7215 & 7216).
Load Country wise- Singapore stood as top exporter of finished long steel to India with 11,057 MT in Feb’20, up by around 8% as against 10,239 MT in Jan’20. South Korea exported about 4,531 MT in Feb’20 (+104%) against 2,224 MT in Jan’20 and China’s finish long steel exports to India were registered at 3,708 MT in Feb’20 (-37.3%) as compared to 5,913 MT in Jan’20.
Unload Port wise- Kattupalli port stood as top unloading port for finish long steel imports with 11,335 MT in Feb’20, up by 5.8% against 10,711 MT in Jan’20, followed by JNPT port that registered 4,464 MT imports in Feb’20 (-36.43%) against 7,022 MT in Jan’20 and Chennai port stood as top third port for finish long steel imports with 4,080 MT in Feb’20 (-12.8%) as compared to 4,677 MT of finish long steel is unloaded in Jan’20.
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