Indian Finish Long Steel Import Increases 25% M-o-M in Jan'20

As per custom data maintained with SteelMint, Indian Finish Long Steel imports surged by 24.70% to 30,790 MT in Jan'20 as against 24,690 MT in Dec'19.

Factors towards rising finish long steel imports in India can be attributed to significant hike in domestic steel prices and as per assessment on monthly average comparison, rebar prices in Indian market through medium/small scale mills have surged by 3% in Dec'19 & 11% in Jan'20.

Singapore was registered as the most preferred destination for Finish Long Steel imports to India as it allows tax exemptions under FTA agreement. So, the landed cost is reasonable compared to other origins.

However, on a yearly basis, imports plunged by 40.30% in Jan'20 as compared to 51,579 MT in Jan'19.

Under finish long steel commodities, the HS codes that has been considered are as follows - Bar & Rod (HS Code 7213 & 7214), MS Wire (HS Code 7217) along with Angle & Shapes (HS Code 7215 & 7216).

Commodity wise- The country's Rebar import is recorded at 13,708 MT in Jan'20 moved up by 54.6% M-o-M as against 8,864 MT in Dec'19 followed by Wire rod 10,826 MT in Jan'20 (-3.13%) as against 11,176 MT in Dec'19 and Structure 6,257 MT in Jan'20 (+34.6%) from 4,649 MT in Dec'19.

Load Country wise- In the beginning of year 2020, Singapore stood as top exporter of finished long steel to India and registered at 10,239 MT in Jan'20 up by 63.7% M-o-M as against 6,255 MT in Dec'19, followed by China with 5,913 MT in Jan'20 (+18%) against 5,007 MT in Dec'19 and Malaysia with 2,924 MT in Jan'20 (-16.3%) as compared to 3,495 MT in Dec'19.

Unload Port wise- Kattupalli port stood as top unloading port for finish long steel and registered at 10,711 MT in Jan'20 contributing to 34.78% M-o-M, followed by JNPT port at 7,022 MT (22.8%) and Chennai port at 4,677 MT (15.18%).