After the MIP announcement on 5 Feb’16, HR plate prices hiked by INR 1,500/MT. However this week, prices remained unaltered amid muted demand.
Current offers for commercial grade (base size 16-20mm) plates are being assessed at INR 26,000-26,500/MT (ex-works) basis.
As per trade sources, plate prices are likely to move up by INR 1,500/MT in the coming days. Though drastic increase in prices is not probable owing to subdued demand.
Even before MIP was imposed, plates import have decreased significantly over past few months. As per customs data, plates import at India’s two major ports, Kandla & Mundra plunged by 89% from 26,618 MT in Dec’15 to 2,886 MT in Jan’16.
Safeguard duty investigation is currently ongoing on plates. In public hearing conducted on 10 Feb’16, DG Safeguards have requested petitioners to reciprocate submit their response by 1 Mar’16.
On 28 Oct’ 15, a petition was filed by SAIL, Essar Steel, JSW Steel and Jindal Steel & Power Ltd for imposition of safeguard duty on imports of “Hot Rolled flat sheets and plates (excluding hot rolled flat products in coil form) of alloy or non alloy steel having nominal thickness less than or equal to 150mm and nominal width of greater than or equal to 600mm”.
The product under consideration is classified under Tariff Heading 7208 and 7225 (722540413, 72254019, 72254020, 72254030 and 72259900).
Leave a Reply