As per the trade sources, a vessel named Star Mayasa, which is carrying 40,700 MT Steel Slabs, is expected to unload at Kandla port in first week of September, 2014.
It has come as a surprise for Indian steel industry as import of Slabs is unusual. Market participants blame deteriorating availability of Iron ore in the domestic market and low offers from Chinese and Korean sellers as the prime reasons for rising import of Re-bars and Slabs.
“There have been real issues with supply of Iron ore in the domestic market after mining embargoes in Odisha. Also, falling steel prices in Chinese market are giving rooms for import. Recently, decent quantity of Re-bars have been imported from China,” said a steel manufacturer based in West Coast of India.
According to customs data, about 23,000 MT Steel Slabs have been imported on Indian West Coast in the month of August at about USD 510-515/MT CFR India levels.
If sources are to be believed, this cargo has been shipped from Far East country at around USD 510-515/MT CFR India West Coast and supposed to be bought by a large Plate mill in Western region of India.
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