Mining News Pro - Southern India based importers have booked around 26,000 MT HRC of varying thickness from Japan. As per trade sources report to SteelMint, the deal has been concluded at around USD 605-610/MT, CFR India for November shipment.
According to Mining News Pro -Southern India based importers have booked around 26,000 MT HRC of varying thickness from Japan. As per trade sources report to SteelMint, the deal has been concluded at around USD 605-610/MT, CFR India for November shipment.
As per our understanding, landed cost of imports for this deal would stand at around INR 46,500-47,000/MT
The booking has been done almost 10 days ago and they are in negotiations for further bookings for December shipments.
It is to be noted that India has signed FTA for ten years with Japan and South Korea which provide an exemption from duties on imports coming from the two countries, thus making it preference over Chinese origin HRC.
Indian importers had turned silent amid sharp currency depreciation against USD. However with hike in domestic prices announced by mills, importers have started booking some quantities. Major mills namely JSW Steel, SAIL, Essar Steel, Tata Steel raised domestic HRC prices by 1200-1500/MT earlier this month. However later in the month, trade activities turned subdued and limited trades have put domestic prices under pressure.
Presently trade reference prices in domestic market is around INR 47,500/MT (in Chennai, GST extra)
Indian HRC/plate imports in 9M CY18- India imported 1.85 MnT HRC/plates during Jan-Sept`18, down 4% against same time period in last year.