India's hot rolled coil (HRC) imports have remained sluggish due to the impending 25 percent safeguard duty amid concerns over cheap imports. However, market insiders have reported several deals for ex-Japan HRC during past weeks, while other foreign suppliers have been staying out of the Indian market in past weeks.
Specifically, according to market insiders, following a deal for around 30,000 mt of ex-Japan HRC signed at $490/mt CFR at the beginning of last week, another deal for around 30,000 mt of ex-Japan HRC has been signed at $485/mt CFR April shipment. “Japan sold to India one or more vessels at $485/mt CFR level,” an Indian trader told SteelOrbis.
Meanwhile, other suppliers have been silent during past weeks, with no offers even coming from the Vietnamese producer which has recently renewed its BIS certificate until December 2025 “because Vietnam is under antidumping investigation and also the threat of safeguard duty is there,” a source said.
“Most customers will refrain from imports until March for domestic use due to the possible duty,” another Indian trader told SteelOrbis.
Notably, as reported by SteelOrbis on February 7, Japan sought an exemption from India’s proposed safeguard duty on steel imports. A Japanese delegation, comprising government and industry officials, argued that their steel products, including HRC, are essential to meeting India’s demand for high-performance steel, which domestic production cannot adequately supply in terms of both quantity and quality. At the same time, South Korea, China, and Japan were the top three exporters of bulk HRC to India in 2024, with shipment volumes of 2.26 million mt, 1.55 million mt, and 1.39 million mt, respectively.
“The growing reliance on imports, particularly from Free Trade Agreement (FTA) countries like South Korea and Japan, which benefit from preferential tariffs, has become a major concern for the domestic steel industry,” a market insider said
As for local prices, this week, HRC trade prices have remained relatively stable at INR 48,700/mt ($563/mt) ex-Mumbai, but some deals have been heard in the western regional market at a lower discounted price of around INR 47,500/mt ($549/mt) compared to the level of INR 48,700/mt ($563/mt) a week ago, in the wake of mills hiking base prices. However, HRC trade prices have moved up slightly in the south to INR 49,000-49,500/mt ($564-572/mt) ex-Chennai, versus INR 49,000/mt ($564/mt) last week, amid reports of a slowdown in stock movements from mills to distributions channels in the south.
