ET reported that a surge in imports of low priced steel from China has India’s steel manufacturers up in arms demanding protectionist measures.
The report cited some recent published by the Indian steel ministry highlighting that Indian steel imports have jumped up by 9% YoY to 800,000 tonne in August.
India is emerging as a major destination of hot rolled coils both in cold rolling and tube making grades as the domestic supplies are inadequate and dearer. As per report, Indian domestic steel firms hiked prices by INR 1,000 per tonne to INR 1,500 per tonne in September and its prices in India are hovering around INR 32,000 per tonne.
As per data available with www.steelprices-india.com, retail price of tube grade HRC at Mumbai is approximately INR 31,800 per tonne without ED and VAT, which translated to USD 610 per tonne on like to like basis.
Where as Chinese offers are in the range of USD 500 per tonne to USD 520per tonne on CNF basis, which translate to INR 26,100 per tonne to INR 27,100 per tonne on like to like basis
The gap of INR 4000 per tonne to INR 5000 per tonne between the Chinese offers and Indian levels has made Indian market quite lucrative for Chinese mills and some large import deals have been inked off late.
In addition, chances of Chinese steel mills, as well as Ukrainian & Russian mills, further reducing HR export offers is very much on the cards thus increasing gap
(Sourced from ET and www.steelprices.com)
Wednesday, October 14, 2009
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