Indian Flat Steel Imports Rise by 6% in Q2 FY19
According to customs data released, Indian flat steel imports stood at 1.55 MnT in Q2FY19, higher by 6% as compared to 1.46 MnT in previous quarter.
Indian importers booked significant quantities of flat steel from South Korea, Japan and China in anticipation of higher domestic prices in Jul-Sept quarter. Escalating trade measures (US trade tariffs) resulted in diversion of steel imports from steel surplus countries into India.
On monthly basis nation’s flat steel imports stood largely stable at 0.48 MnT since past two months.
However on yearly basis nation’s flat steel imports in Sep’18 fell by 13% against 0.55 MnT in Sep’17.
Indian GP/GC imports move up by 9% in Q2FY19- Nation’s Galvanized steel imports stood at 0.36 MnT in Q2FY19 ,up by 9% against 0.33 MnT in Q1FY19.
However nation’s HRC/plate imports of HRC moved down by 9% to 0.63 MnT in Q2FY19 which was 0.69 MnT in previous quarter.
Meanwhile,India imported 0.41 MnT of electrical steel in Q2FY19 lower by 7% Q-O-Q basis as compared to 0.44 MnT in preceding quarter.Imports of CRC continued to remain stable in both the quarters.
Imports from South Korea fell by 7% in Q2FY19 - Imports from South Korea stood at 0.69 MnT in Q2FY19 decline by 7% against 0.74 MnT in previous quarter.However imports from Japan stood at 0.28 MnT in both the quarters.
Also imports from China fell by 15% to 0.17 MnT in Q2FY18’ against 0.2 MnT in previous quarter. However from Indonesia Indian flat steel import volumes jumped four fold to 0.08 MnT in Q2 FY19.
Flat steel imports at Mumbai port increased in Q2FY19 - Flat steel imports at Mumbai port increased by 4% to 0.54 MnT in Q2FY19 against 0.52 MnT in previous quarter.Indian flat steel imports at Chennai port stood at 0.33 MnT in Q2 higher by 22% in comparison to 0.27 MnT in Q1.
Other major ports include Mundra which stood at 0.18,JNPT at 0.14 MnT and Kandla at 0.14 MnT in Q2FY19.
Major flat steel importers in Sep’18-POSCO Maharashtra Steel Pvt.Ltd was the major flat steel importer in Sep’18.Other major flat steel importers were Welspun ,Hyundai Steel India Pvt Ltd. followed Jindal India Limited and Apl Apllo Tubes.
source: SteelMint
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