Indian HRC Import Offers from South Korea Drop in Recent Booking

SteelMint learned from market participants that Indian HRC import offers fell from South Korea for February shipments in recent deal concluded.

As per market sources, Indian based stockists booked around 20,000 MT HRC from South Korea at USD 525-530/MT CFR basis for February shipments.

Prior to this, last offers of HRC from South Korea for Indian mills was around USD 565/MT CFR India for Dec shipments.

Parity of landed cost of imports vs domestic offers - Thus,as per the calculation,landed cost of HRC to India from South Korea is coming around INR 39,500/MT (ex-Mumbai, GST extra @18%).

However on the other hand domestic HRC prices is hovering around INR 41,000-41,500/MT (ex-Mumbai),GST extra @ 18%. Thus imported material is cheaper by INR 1500-2000/MT compared to domestic prices.

Indian flat steel imports in Jan-Nov'18- During first eleven months of CY18 India imported 5.55 MnT of flat steel as compared to 5.63 MnT in similar time frame of previous year.

Out of total imported quantity, nation imported 2.24 MnT of HRC in Jan-Nov'18.

Major flat steel exporting countries were South Korea at 2.50 MnT Japan at 0.94 MnT followed by China at 0.76 MnT ,Taiwan at 0.23 MnT and Vietnam at 0.16 MnT in Jan-Nov'18.