India’s flat steel imports have remained at negligible levels amid a combination of import offers seen to be consolidating at higher levels, sluggish demand among end-users and the government’s refusal to make any relaxation in the mandatory import registration which came into effect this month, SteelOrbis has learned.
End-users are facing a prolonged demand recession and are in no mood to restock through payment of additional fees under the Steel Import Monitoring System (SIMS) and also bear the costs of compliance in registering planned imports in advance.
Traders can offer import hot rolled coil (HRC) from China at $425-435/mt CFR Mumbai, and in some cases offers have even been quoted at $430-435/mt CFR. At the same time, all discounts, even in inquiries for large volume, have been withdrawn, prompting both merchant importers and actual users to stay away from concluding transactions for any significant volumes during the past week.