EU Quota Limits Could Affect India's HRC Imports
[tintuc]
India may see an increase in hot-rolled coil (HRC) imports due to the unintended consequences of the European Union's remaining tariff rate quota (TRQ) limits. This could lead to a redirection of HRC imports from Southeast Asia and other Asian countries to India.
Last week, the European Commission proposed extending the EU's safeguard measures on steel for another two years until June 30, 2026. The Commission also plans to introduce a 15% cap on TRQ "other countries" for HRC.
A market participant noted that an increase in HRC imports could come from countries like Vietnam, Japan, South Korea, and others, redirected to India. Another trader said, "India's HRC imports could rise if Asian mills lower their prices further."
Indian producers have openly expressed concerns about increasing imports from Asian and Southeast Asian countries. In May, Indian steel representatives warned about the potential impact of imports following the U.S. tariff hike on steel originating from China.
Alok Sahay, Secretary General of the Indian Steel Association (ISA), stated, "Imports from China and Japan have increased over the past year. With this situation, India is seriously threatened by imports as all major steel-consuming economies are closing their doors to these steel-producing countries."
He added that since India has not taken any trade remedial actions against steel in the past few years, the country is vulnerable to "predatory" imports that will hinder its ambitious steel capacity expansion plans.
In May, Vietnamese steel producer Formosa Hà Tĩnh Steel was also granted a license extension by the Bureau of Indian Standards (BIS), adding more foreign businesses to the Indian import market.
According to Joint Plant Committee data, India remained a net importer of finished steel in April. Finished steel imports increased by 27.1% year-on-year to 0.585 million tons, while exports dropped by 41% to 0.505 million tons.
India was a net importer of finished steel in the fiscal year ending in March 2024. Annual finished steel imports rose by 38.2% year-on-year to 8.32 million tons. Exports increased by 11.5% to 7.487 million tons.
In January, CISA urged the Indian government to implement safeguard measures, such as an 8-12% import duty on all steel shipments, especially from countries like China. However, the Ministry of Steel said it is unlikely to impose such duties due to higher-than-expected domestic demand.
India may see an increase in hot-rolled coil (HRC) imports due to the unintended consequences of the European Union's remaining tariff rate quota (TRQ) limits. This could lead to a redirection of HRC imports from Southeast Asia and other Asian countries to India.
Last week, the European Commission proposed extending the EU's safeguard measures on steel for another two years until June 30, 2026. The Commission also plans to introduce a 15% cap on TRQ "other countries" for HRC.
A market participant noted that an increase in HRC imports could come from countries like Vietnam, Japan, South Korea, and others, redirected to India. Another trader said, "India's HRC imports could rise if Asian mills lower their prices further."
Indian producers have openly expressed concerns about increasing imports from Asian and Southeast Asian countries. In May, Indian steel representatives warned about the potential impact of imports following the U.S. tariff hike on steel originating from China.
Alok Sahay, Secretary General of the Indian Steel Association (ISA), stated, "Imports from China and Japan have increased over the past year. With this situation, India is seriously threatened by imports as all major steel-consuming economies are closing their doors to these steel-producing countries."
He added that since India has not taken any trade remedial actions against steel in the past few years, the country is vulnerable to "predatory" imports that will hinder its ambitious steel capacity expansion plans.
In May, Vietnamese steel producer Formosa Hà Tĩnh Steel was also granted a license extension by the Bureau of Indian Standards (BIS), adding more foreign businesses to the Indian import market.
According to Joint Plant Committee data, India remained a net importer of finished steel in April. Finished steel imports increased by 27.1% year-on-year to 0.585 million tons, while exports dropped by 41% to 0.505 million tons.
India was a net importer of finished steel in the fiscal year ending in March 2024. Annual finished steel imports rose by 38.2% year-on-year to 8.32 million tons. Exports increased by 11.5% to 7.487 million tons.
In January, CISA urged the Indian government to implement safeguard measures, such as an 8-12% import duty on all steel shipments, especially from countries like China. However, the Ministry of Steel said it is unlikely to impose such duties due to higher-than-expected domestic demand.
Introduction to Nam Kim Steel
Nam Kim Steel, also known as Ton Nam Kim, is a leading producer of galvanized steel in Vietnam. They provide high-quality steel products for various industries, ensuring durability and reliability. Their galvanized steel is widely used in construction and manufacturing, known for its excellent corrosion resistance and long-lasting performance. Nam Kim Steel continues to innovate and meet the demands of both domestic and international markets. For more information about our products and services, please contact us directly:
TEL/WHATSAPP: +84 965047865
EMAIL: trietlm@namkimgroup.vn
[/tintuc]
