India’s finished long steel imports in H1 CY ’20 (Jan-Jun ’20) declined by 52% to 133,971 t against 279,960 t in H1 CY ’19 (Jan-Jun ’19), according to customs data.
Construction sector was the worst-affected among downstream steel users as an already ailing real estate sector was saddled with further loss in demand. Exodus of migrant workers from major cities has now deprived construction works of a large chunk of their workforce and made restarting projects harder.
A key driver of construction demand since 2016, when the demonetization crisis hobbled the commercial real estate market, was the government-funded infrastructure projects. But with the coronavirus pandemic sharply reducing government revenues and additional spending on healthcare, even the infrastructure sector is now in a slump.
Domestic consumption & production of long products was significantly low by 23% and 30% respectively y-o-y for the Jan-May period.
Singapore remained the largest exporter of long products to India. Tata Steel’s subsidiary Natsteel is the only steel producer in the city-state.
Commodity wise-
| Commodity | H1 CY ’20 | H1 CY ’19 | % Change |
| Rebar | 67,371 | 166,736 | -60% |
| Wire rod | 43,991 | 74,298 | -41% |
| Structure | 22,609 | 38,925 | -42% |
| Total | 133,971 | 279,959 | -52% |
Qty. in t
Source: SteelMint Research
Load country wise-
| Country | H1 CY ’20 | H1 CY ’19 | % Change |
| Singapore | 32,589 | 68,634 | -52.5% |
| China | 22,834 | 39,196 | -42% |
| South Korea | 19,443 | 59,134 | -67% |
| Thailand | 12,446 | 38,253 | -67.5% |
| Malaysia | 9,386 | 17,182 | -45% |
| Others | 37,273 | 57,561 | -35% |
| Total | 133,971 | 279,960 | -52% |
Qty. in t
Source: SteelMint Research
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