The days of frolic for Indian long product manufacturers might be on the wane. Declining international prices by about USD 40 per tonne to USD 50 per tonne for billets, re-bars and WRC has led to emergence of import propensity after gap of nearly a year.

Long product market had remained out of bounds for the Black Sea and Chinese mills during the interlude domestic levels remaining low. However with the declining export levels from Black Sea, Turkey and China has led to emergence of import threat. Domestic levels at INR 38900 per tonne (excl ED + Vat) the parity is tilted in favour of import with a gap of INR 2500 per tonne. However taking into account the import hassles parity upto INR 1500 per tonne is not enticing but add on leverage of INR 1000 per tonne would be enticing.

With the export levels poised for further decline as Chinese domestic levels remains subdued putting onus on export the days of import hitting Indian shores is in vicinity.

In per tonne

1 USD = INR 49.20

(Source: www.steelprices-india.com)

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