Indian Finish Flat Steel Imports Hit Over 6 Years Low in Nov'19

As per the latest data released by the customs, India's finish-flat imports hit over 6 years low at 0.26 MnT in Nov'19. Similar level was last observed in Jun'13 at 0.28 MnT.

Thus on a monthly basis, the nation's finished steel imports plunged by 32% M-o-M as compared with 0.38 MnT in Oct'19.

Pessimistic market sentiments in the month of Oct and Nov owing to lower consumer spending and lackluster demand kept imported HRC volumes on the lower side. Cost effective domestic prices kept imports low.

Also, the rumors on the imposition of safeguard duty on imports resulted in reluctance among major importers to book the quantities for Nov - Dec shipments.

However, with the improved sentiments in the domestic market post Diwali holidays, India resumed imports for thinner gauge HRC from FTA nations.

Meanwhile, on a yearly premise, the same slashed by 54% in Nov'19 in contrast with 0.57 MnT in Nov'18.

During the first eleven months (Jan-Nov) CY'19, the nation's imports aggregated to 5.43 MnT, inching down 2% in comparison with 5.55 MnT in the corresponding months of CY'18.

Indian HRC/Plates imports fell by 17% in Nov'19- The nation's HRC/Plates declined by 17% M-o-M basis to 0.10 MnT in Nov'19 when compared with 0.12 MnT a month ago.

Indian electrical steel imports slashed by 47% to 0.09 MnT in Nov'19 over 0.17 MnT in Oct'19.

The galvanized steel imports reported a decline of 14% M-o-M to 0.06 MnT in Nov'19, which was 0.07 MnT a month ago.

Meanwhile, imports of CRC halved to 0.01 MnT in Nov'19 as compared with 0.02 MnT in the preceding month.

Imports from South Korea reduced by 6% in Nov'19- The nation's imports from South Korea fell by 6% M-o-M basis to 0.16 MnT in Nov'19 over 0.17 MnT in the previous month.

India's finish-flat steel imports from Japan tumbled by 33% to 0.04 MnT in Nov'19 as compared with 0.06 MnT in Oct'19.

However, imports from China were slashed to 0.01 MnT in Nov'19, which was 0.09 MnT in the preceding month.

Imports at Mumbai port remain stable in Nov'19- Finish-flat steel imports at Mumbai port remained consistent at 0.08 MnT in Nov'19 over Oct'19.

Imports at the Chennai port ascended by 17% to 0.07 MnT in Nov'19 as compared with 0.06 MnT a month ago.

Meanwhile, imports at Mundra port stood at 0.05 MnT in Nov'19, plunged by 38% from 0.08 MnT in the preceding month.

Also, imports at JNPT port stood at 0.02 MnT, while there were no finish-flat steel cargoes unloaded at Kandla and Kolkata ports in Nov'19.

Party-Wise Flat Steel Importers in Nov'19-

Source: Customs Data ; SteelMint Research