Indian HRC Import Prices Fall in Recent Booking

HRC import prices to India have come down sharply in a recent deal concluded, SteelMint learned from its close sources. A major South Korean steelmaker has concluded a deal for 10,000 MT HRC (SAE 1006 re rolling grade) with an Indian importer (steel manufacturer) at USD 500-503/MT CFR India for April shipments. The import booking is likely to arrive at Kandla port. The import price is lower by USD 20-22/MT against the last booking reported by SteelMint at USD 525/MT, CFR India in Jan'20.

Meanwhile few sources claimed that other Mumbai based stockists have booked another 10,000 MT HRC for imports at USD 505-510/MT CFR India. However, this could not be confirmed while publishing this article.

-- Few sources close to the matter shared that Japanese and Korean mills have withdrawn the offers and no firm booking was reported.

-- As per our calculation, the landed cost of HRC imports to India is hovering around INR 38,000 MT (ex-Mumbai). However, in contrast to this, last week Indian HRC trade prices were heard to be around INR 38,500-39,000/MT (ex-Mumbai). Prices mentioned above are basic, and extra GST @ 18% is applicable.

Indian HRC/Plate imports up by 7% in Jan '20- As per data maintained with SteelMint Indian HRC/plates imports stood at 0.15 MnT in Jan CY' 20 which was around 0.14 MnT in Dec'19.South Korea occupied a major share of 86% at 0.13 MnT in Jan'20, followed by 0.01 MnT each from Japan and Indonesia.