Indian Mills Conclude Around 20,000 MT HRC Import Deal from Korea

SteelMint in conversation with trade sources mentioned that Indian based stockist concluded a deal of imported HRC from Korea for June shipments.

Market participants shared that, Indian steel importers have booked around 20,000-28,000 MT of HRC with South Korea for June shipments at USD 560/MT, CFR India.

Thus landed cost of HRC is assessed around INR 40,500-41,000/MT (ex-Mumbai). On the other side, domestic HRC prices in traders market is hovering around INR 41,500-42,000/MT (ex-Mumbai). All prices mentioned above are basic and extra GST @18% is applicable.

Prior this, couple of days back Indian based stockists have concluded a deal of HRC (Pipe-making and other grade of higher thickness) of quantity 20,000 MT in the range of USD 570/MT CFR basis for May shipments.

Cheaper HRC imports from Korea and Japan results to domestic HRC prices under pressure. Thus Indian steel mills roll over HRC prices in domestic market and providing discounts to escalate buying.

Indian flat steel Imports from Korea in Jan - Mar'19 - As per the statistics data maintained with SteelMint during ( Jan- Mar) of CY19, India imported almost 0.38 MnT of flat steel from Korea. Meanwhile other major exporting nations included Japan at 0.08 MnT, Iran at 0.04 MnT and Ukraine at 0.04 MnT in Jan-Mar'19