India Steel Market Watch
October 7: Imported hot rolled coil offers to the Indian market were down further after the imposition of the 20% safeguard duty by the government.
Current offers for commercial grade HRC offers were assessed at US$ 298 per ton CFR India, whereas offers from Korea and Japan were assessed at US$328 per ton CFR India for November shipments.
According to unconfirmed reports, offer prices of hot rolled coils (HRC) imported into India from China have fallen to $290-295 per ton CFR Mumbai for November shipments.
Indian importers are cautious about making fresh bookings, sources said.
The government has imposed a 20% “safeguard duty” on certain categories of imports to protect local producers. The duty was imposed on Monday with immediate effect on hot-rolled flat products of non-alloy and other alloy steels, in coils of width of 600 mm or more.