India’s Flat Steel Imports Fall by 80% at Kandla-Mundra in Apr’16

The impact of MIP announced in Feb’16 can be seen after two months in the form of fall in country’s flat steel imports by 80% at Kandla and Mundra ports.

India’s total HRC/Plates import under HS code 7208 registered a fall of 48% from 0.35 MnT in Mar’16 to 0.21 MnT in Apr’16

While India’s CRC import under HS code 7209 fell by 74% from 0.18 MnT in Mar’16 to 0.046 MnT in Apr’16.

India imported about 29,340 tonnes of HRC (down by 48% M-o-M), 1,335 tonnes of CRC (down by 97% M-o-M) and 1,924 tonnes of Plates (down by 97% M-o-M) at Kandla & Mundra port in Apr’16.

Under MIP, HRC imports are allowed in to India only at or above USD 450/MT, CRC at or above USD 560/MT and Plates at or above USD 500/MT.

In Apr’16, highest HRC importer at Kandla-Mundra port was Indian Steel Corporation which imported HRC at an average rate of USD 317/MT which is below the fixed MIP price. Imports below MIP rate is possible only under Advance license scheme under which goods meant for export purpose can be imported in to India below MIP rate.

POSCO-India Delhi Steel Processing Centre Pvt Ltd imported highest quantity of CRC at average rate of USD 585/MT whereas in case of plates, Jindal Saw Ltd booked highest quantity of plates at the average rate of USD 561/MT.

HRC Import at Kandla-Mundra Port in Apr’16

Source: Port Data
Quantity in MT

CRC Import at  Kandla-Mundra Port in Apr’16

Source: Port Data
Quantity in MT

Plates Import at  Kandla-Mundra Port in Apr’16

Source: Port Data
Quantity in MT