Jul 28, 2023
India's BIS certification policy mainly affected PFY, with the market resorting to China PFY exports in advance to avoid the risk brought about by the policy.
Regarding to the BIS policy starting from Jul 3 for PFY, there's no further news for now. However, it is for sure that the high growth of volume of PFY exports to India would not sustain.
According to customs data, China's PFY exports to India reached 306kt throughout 2022. During Jan-May 2023, the exports were 266kt, and given the exports at 40kt in Jun, the total amount in the first half of 2023 would reach the full-year amount in 2022. (In fact, PFY exports averaged 53kt a month in Jan-May 2023, and stood at as high as 74kt in May.)