India's October 2023 Import of Flat Glass Amounts to $48M

India Flat Glass Imports

Flat glass imports into India surged to 11M square meters in October 2023, rising by 15% compared with the month before. In general, imports, however, recorded a deep setback. The pace of growth was the most pronounced in December 2022 with an increase of 40% against the previous month. Over the period under review, imports reached the maximum at 36M square meters in October 2022; however, from November 2022 to October 2023, imports remained at a lower figure.

In value terms, flat glass imports stood at $48M (IndexBox estimates) in October 2023. Over the period under review, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in July 2023 with an increase of 39% month-to-month. Imports peaked at 51M square meters in December 2022; however, from January 2023 to October 2023, imports remained at a lower figure.

Imports by Country

Malaysia (2.5M square meters), Indonesia (1.9M square meters) and Singapore (1.5M square meters) were the main suppliers of flat glass imports to India, together comprising 52% of total imports. China, Thailand, Bangladesh and Hong Kong lagged somewhat behind, together accounting for a further 17%.

From October 2022 to October 2023, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by China (with a CAGR of +0.9%), while imports for the other leaders experienced mixed trend patterns.

In value terms, Malaysia ($14M) constituted the largest supplier of flat glass to India, comprising 29% of total imports. The second position in the ranking was held by Indonesia ($5.7M), with a 12% share of total imports. It was followed by Singapore, with an 11% share.

From October 2022 to October 2023, the average monthly growth rate of value from Malaysia stood at -2.3%. The remaining supplying countries recorded the following average monthly rates of imports growth: Indonesia (-0.2% per month) and Singapore (+0.7% per month).

Imports by Type

Float glass and surface ground glass, in sheets, coloured throughout the mass "body tinted", opacified, flashed or merely surface ground, but not otherwise worked, excluding wired glass or glass having an absorbent, reflecting or non-reflecting layer (4.3M square meters), float glass and surface ground or polished glass, in sheets, having an absorbent, reflecting or non-reflecting layer, but not otherwise worked (excluding wired glass) (4.3M square meters) and float glass and surface ground glass, in sheets, non-wired, other than coloured throughout the mass (body tinted), opacified, flashed or merely surface ground (1.7M square meters) were the main products of flat glass imports to India, together comprising 90% of total imports. Cast glass and rolled glass, profiles, not otherwise worked, cast glass and rolled glass, non-wired sheets, excluding those coloured throughout the mass (body tinted) opacified, flashed or having an absorbent or reflecting layer, drawn and blown glass, in sheets, other than glass coloured throughout the mass (body tinted), opacified, flashed or having an absorbent or reflecting layer, cast glass and rolled glass, wired sheets, whether or not having an absorbent or reflecting layer but not otherwise worked, float glass and surface ground or polished glass, in sheets, wired glass, whether or not having an absorbent or reflecting layer, cast glass and rolled glass, non-wired sheets, coloured through the mass (body tinted), opacified, flashed or having an absorbent, reflecting or non-reflecting layer and drawn and blown glass, in sheets, coloured throughout the mass (body tinted), opacified, flashed or having an absorbent, reflecting or non-reflecting layer, but not otherwise worked lagged somewhat behind, together comprising a further 9.5%.

From October 2022 to October 2023, the biggest increases were in cast glass and rolled glass, profiles, not otherwise worked (with a CAGR of +25.4%), while purchases for the other products experienced more modest paces of growth.

In value terms, float glass and surface ground glass, in sheets, coloured throughout the mass "body tinted", opacified, flashed or merely surface ground, but not otherwise worked, excluding wired glass or glass having an absorbent, reflecting or non-reflecting layer ($19M), float glass and surface ground or polished glass, in sheets, having an absorbent, reflecting or non-reflecting layer, but not otherwise worked (excluding wired glass) ($19M) and float glass and surface ground glass, in sheets, non-wired, other than coloured throughout the mass (body tinted), opacified, flashed or merely surface ground ($7.5M) appeared to be the most imported types of flat glass in India, together accounting for 94% of total imports. Cast glass and rolled glass, non-wired sheets, excluding those coloured throughout the mass (body tinted) opacified, flashed or having an absorbent or reflecting layer, drawn and blown glass, in sheets, other than glass coloured throughout the mass (body tinted), opacified, flashed or having an absorbent or reflecting layer, cast glass and rolled glass, profiles, not otherwise worked, drawn and blown glass, in sheets, coloured throughout the mass (body tinted), opacified, flashed or having an absorbent, reflecting or non-reflecting layer, but not otherwise worked, cast glass and rolled glass, wired sheets, whether or not having an absorbent or reflecting layer but not otherwise worked, cast glass and rolled glass, non-wired sheets, coloured through the mass (body tinted), opacified, flashed or having an absorbent, reflecting or non-reflecting layer and float glass and surface ground or polished glass, in sheets, wired glass, whether or not having an absorbent or reflecting layer lagged somewhat behind, together accounting for a further 6.4%.

Import Prices by Country

In October 2023, the flat glass price stood at $4.2 per square meter (CIF, India), shrinking by -7.4% against the previous month. In general, import price indicated a buoyant increase from October 2022 to October 2023: its price increased at an average monthly rate of +11.0% over the last twelve-month period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on October 2023 figures, flat glass import price decreased by -7.4% against September 2023 indices. The most prominent rate of growth was recorded in November 2022 an increase of 264% m-o-m. Over the period under review, average import prices hit record highs at $4.5 per square meter in September 2023, and then fell in the following month.

Prices varied noticeably by the country of origin: the country with the highest price was Malaysia ($5.5 per square meter), while the price for Hong Kong ($737 per thousand square meters) was amongst the lowest.

From October 2022 to October 2023, the most notable rate of growth in terms of prices was attained by Malaysia (+20.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform