Indian Flat Steel Imports Surge in Jan'19 Amid Cost Effectiveness

Indian flat steel imports reported surge in Jan'19 compared to previous months amid significant bookings made 1-2 months over fall in global steel prices. Thus landed cost of HRC was cheaper than domestic prices.

As per the recent data released by customs Indian flat steel imports stood at 0.54 MnT in Jan'19 registered a significant increase of 26% against 0.43 MnT in Dec'18. Cost effective imports from major exporting nation's in month of Jan'19 increased flat steel imports to India.

SteeMint reported earlier that, Indian HRC import offers reported fall for January shipments following constant decline in steel prices from major exporting nations. As per market sources Indian steel mills booked HRC from Japan at USD 555-560/MT CFR basis for January shipments.

Towards the end of CY18 Indian based stockists have booked significant quantities of imports from Korea and Japan as landed cost of HRC became cheaper compared to domestic prices for Jan shipments.

Whereas year-on-year basis flat steel imports volume rose by 13% to 0.54 MnT in Jan'19 in comparison to 0.48 MnT in Jan'18.

In CY18 nation's flat steel imports stood at 5.97 MnT, inch down by 2% compared to 6.08 MnT in CY17.

Commodity-wise Indian Flat Steel Imports in Jan'19

Quantity in MnT
Source: SteelMint Research

Indian HRC/Plate imports up by 6% in Jan'19- Import volumes of HRC/Plate to India move up by 6% to 0.18 MnT in Jan'19 as compared to 0.17 MnT in Dec'18.

Meanwhile Electrical Steel imports rose by 30% to 0.13 MnT in Jan'19 against 0.10 MnT in preceding month.

Imports of Galvanized steel significantly increased by 80% in Jan'19 to 0.18 MnT which was 0.10 MnT in Dec'18.

Meanwhile import volumes of CRC stood at 0.05 MnT remain unchanged for two consecutive months.

Imports form Japan up two-fold in Jan'19- Flat steel import volume from Japan grew by 80% to 0.09 MnT in Jan'19 against 0.05 MnT in Dec'18.

Import volume from China also rose by 25% in Jan'19 to 0.05 MnT as compared to 0.04 MnT in the preceding month.

However imports from South Korea remain stable at 0.23 MnT since last two months.

Meanwhile United Kingdom, Russia, Taiwan, Ukraine and Germany also exported flat steel products to India in small quantities.

Flat steel imports at Mumbai port up in Jan'19- Flat steel imports at Mumbai port stood at 0.19 MnT in Jan'19 as compared to 0.15 MnT in previous month.

However imports at Chennai port stood at 0.09 MnT in Jan'19 which was 0.10 MnT in Dec'18.

However imports doubled at JNPT port at 0.10 MnT in Jan'19 against 0.05 MnT in the previous month.

Meanwhile import volumes at Kandla stood at 0.05 MnT,Mundra at 0.04 MnT in the Jan'19 .

Party-Wise Flat Steel Importers in Jan'19- POSCO and Hyundai steel remain major flat steel importers in Jan'19

Source: SteelMint Research