India: Finish Long Steel Imports Climb 37% in May'19

Indian Finish long steel imports increased by around 36.5% M-o-M in May’19, as per recent released custom data maintained by SteelMint.

Finish long steel imports in India recorded at 51,814 MT in May’19 as compared to 37,948 MT in Apr’19. However on yearly basis imports slightly declined by 1.9% to 52,819 MT in May’18.

The key factor towards strengthening finish long imports in India during May is competitive landed cost of Rebar which contributes the large volume at 27,275 MT and the major imports registered in South India - Chennai port at 14,160 MT (+81.28%) followed by Kattupali port – 12,092 MT (+2%) and in Western region i.e. JNPT – 7,928 MT (-16%).

As per price assessment, during May’19, the average rebar prices in Chennai market notified at INR 37,000/MT (USD 528) ex-works. Meanwhile India's major imports were origin by Singapore at 17,383 MT which average rebar import price range at around USD 497/MT CNF, equivalent to USD 507/MT FoB i.e. INR 35,500/MT under FTA between India & Singapore.

Under Finish long commodities following HS codes has been considered - Bar & Rod (HS Code 7213 & 7214), MS Wire (HS Code 7217) along with Angle & Shapes (HS Code 7215 & 7216).

Commodity Wise - Rebar registered at 27,275 MT in May’19 increase by 29.31% against 21,092 MT in Apr’19 followed by Wire rod 12,980 MT in May’19 higher by 23.56% against 10,505 MT in Apr’19.

Meanwhile imports of Structure (Angle & shapes) registered at 11,559 MT in May’19 which has been notified a sharp surge against 6,350 MT in Apr’19.

Load Country Wise - Major finish long steel import registered through Singapore – 17,383 MT (+53.58%) followed by South Korea – 16,489 MT in May’19 which has been increased by 61% against 10,214 MT in Apr’19 and Malaysia – 5,036 MT (+91%) against 2,639 MT in previous month.