Many Chinese steelmakers are now applying for BIS certification to export rebar to India.
Two Chinese steelmakers have recently got BIS certification on rebar (IS 1786) from Bureau of Indian Standard (BIS). Rizhao Steel Wire Co. Ltd and Jiangyin Xicheng steel Co. Ltd from China. Click here for details.
Indian government on 4 Dec’14 had made BIS certification mandatory for all types of steel imports. Sources say that Chinese rebar makers may export material to India after receiving BIS certification.
Many Indian steel associations have opposed Chinese imported material due to low pricing. Indian government is also looking to validate the proposal by steelmakers to impose safeguard duty to restrict steel import into India, expecially from China, Japan and Korea.
Currently, import duty on bar and rod is 7.5%. Many Chinese steelmakers are also now applying for BIS certification to export rebar to India.
Presently, China offers rebar at USD 360/MT CIF India and Indian domestic rebar prices are at USD 410-430/MT. The country shipped a total of 9.7 MTpa of finished steel in July’15, an increase of 20% as compared to last year in the same month, which was 8.1 MTpa, according to preliminary data released by the Chinese customs on Saturday, August 8. China is looking to export due to oversupply in domestic market.
Import of Bar and Rod (Alloy & Non-Alloy Steel)
|
Month |
Alloy Steel | M-o-M Change | Non-Alloy steel | M-o-M Change | Alloy & non-Alloy Steel |
M-o-M Change |
| Dec’14 | 163,000 | 16% | 85,600 | -14% | 248,600 | 4% |
| Jan’15 | 111,580 | -32% | 62,300 | -27% | 173,880 | -30% |
| Feb’15 | 155,590 | 39% | 47,800 | -23% | 203,390 | 17% |
| Mar’15 | 44,590 | -71% | 42,300 | -12% | 86,890 | -57% |
| Apr’15 | 52200 | 17% | 58,170 | 38% | 110,370 | 27% |
| May’15 | 33,620 | -36% | 84,770 | 46% | 118,390 | 7% |
| June’15 | 93,060 | 177% | 52,500 | -38% | 145,560 | 23% |
Source: Steel Ministry
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