Indian Importers Book HRC from South Korea - Trade Sources
...
Indian flat steel importers have recently booked HRC from South Korea amid supply constraints prevailing in the domestic market.
Trade sources shared with SteelMint, that last week Indian importers have concluded a deal of around 30,000 MT of HRC from South Korea for May-Jun'18 shipment. The deal price is heard around USD 690/MT CFR India.
Landed cost of HRC from South Korea will be around INR 54,841/MT (ex Mumbai, including CVD @18%). On the other side trade reference prices (basic) for HRC (IS2062) 2.5 mm-8 mm are assessed at INR 53,690/MT (ex-Mumbai, including 18% GST).
Landed cost of HRC from South Korea to India
| Particulars | Prices |
| CIF (USD/MT) | 690 |
| BCD in % | 0% |
| CIF+BCD (in USD ) | 690 |
| Safeguard duty not applicable as CIF prices is greater than reference price of USD 445/MT | |
| Anti Dumping Duty (as per recommendation by DGAD for Definitive duty for HRC is at USD 489/MT. Not applicable in this case as CIF price is greater than reference price | |
| Port Handling (in USD) | $20 |
| Miscellaneous expenses | $5 |
| Total in USD | 715 |
| Total in INR | 46,475 |
| Countervailing Duty (18%) | 8,366 |
| Landed Cost in INR | 54,841 |
| Current Domestic HRC prices in India | |
| Ex-Mumbai (basis prices excluding GST 18%) | 45,500 |
| Ex-Mumbai prices Including GST@18% | 53,690 |
| Premium/Discount | 1,150 |
HRC prices mentioned are of rerolling grade
1 USD =65 INR
Source: SteelMint Research
Indian flat steel imports in Jan'18 - Flat steel imports to India were recorded at 0.48 MnT in Jan'18. Out of the total quantity imported, South Korea accounted for a share of 42% (0.2 MnT) followed by China and Japan at 0.08 MnT and 0.07 MnT respectively.
Out of 0.48 MnT imported, 0.17 MnT was HRC/HR plate; 0.02 MnT was CRC, 0.13 MnT was Galvanised steel and 0.15 MnT was Electrical steel.
