From January to July 2024, China surpassed South Korea as the largest steel exporter to India, accounting for 43% of India's total steel imports. South Korea's share was 31%. It is predicted that Chinese steel will constitute 73% of India's total imports in July alone.
Most of the shipments, which were expected to arrive by the end of July, were shipped from Chinese and Japanese suppliers between late May and early June. These shipments were ordered at a time when Chinese steel prices were falling and domestic HRC prices in India were around 54,000 rupees (about USD 644) per ton.
Formosa Ha Tinh Steel in Vietnam, which received BIS certification for HRC exports in early July, has emerged as the most competitive supplier in the Indian market. For the September shipment, Vietnamese HRC was sold at USD 560 per ton CFR Mumbai and USD 553 CFR Chennai, while Chinese HRC was offered at USD 540-545 CFR India. Despite the lower prices, Chinese offers are considered less competitive due to the 7.5% import duty.
In mid-July, Chinese CRC was sourced by Indian buyers at USD 610 per ton Despite the 7.5% import duty, this material was priced 4,000 rupees per ton(around USD 48) cheaper than local CRC.
On July 23, the spot price of IS2062, 2.5-10 mm thick HRC was set at 50,200 rupees (599 USD) per ton in Mumbai, excluding 18% goods and services tax.
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