India’s flat steel import in October dropped by 22pc to 2,73,484 mt from the prior year and imports were down by 8pc from the prior month, according to data analysed by Davis Index. In the Apr-Oct period, India’s flat steel imports were around 2.5mn mt.
In October, South Korea was the highest flat steel exporter into India at 62pc or 170,843mt, followed by Japan 33pc or 90,928mt, Indonesia 10pc or 27,241mt and China 8pc or 20,961mt.
Among flat steel products, hot-rolled coil (HRC) was the highest imported steel product. The imports originated largely from South Korea and Indonesia at 1,29,377mt and 27,241mt, respectively.
Major steel mills in India have increased flat steel prices by Rs1,500-2,000/mt in December on expectation of a revival in domestic demand and rise in international steel prices.