India’ flat steel import activity has remained at very negligible levels with buyers unwilling to take risks due to likely changes in the import duty regime at the forthcoming national budget to be placed before parliament next month, SteelOrbis has been informed on Thursday, January 9.
According to traders, there has been a rise in offers of hot rolled coil (HRC), particularly after Japanese exporters increased prices, while Indian customers pulled out of the market to avoid higher landed prices and possibilities of the government increasing customs duty across the board as the Ministry of Finance has already committing to “curb non-essential imports” to check rising trade deficits.
Market sources said that ex-Japan HRC offers have increased $10/mt week on week to $530-535/mt CFR Mumbai, but end-users have been unwilling to conclude fresh bookings due to fiscal year-end considerations and risks of higher import duty for arrivals in March.
Ex-China HRC offers have also surged during the past week, significantly inching towards the $500/mt mark at around $480-490/mt CFR Nhava Seva port in western India from levels of around $470/mt CFR in the previous week, sources said.
A western India-based re-roller has reportedly concluded a trade for 7,000 mt ex-China HRC at around $487/mt CFR Nhava Seva port for end-of-February delivery.
