Indian hot-rolled coil (HRC) producers have raised their offers by $10 per ton to $685 per ton FOB between April 18-25.This price increase follows the introduction of a 12% safeguard duty on imports of rolled steel on April 21, enabling local producers to set terms for buyers amid a lack of cheaper Southeast Asian supplies.
Production constraints have also contributed to the price rise, with JSW Steel's Dolvi plant cutting output by approximately 40-45%, or 120-130 thousand tons per month, in April. Additionally, Tata Steel's Jamshedpur facility has taken its blast furnace offline for two months of repairs, removing another 200-250 thousand tons from the market.
Despite these challenges, the Indian automotive industry's demand for hot-rolled steel remains strong, with new car sales rising by 2.4% year-on-year to 1.162 million units in the first quarter of 2025. This robust demand, coupled with protective measures and production constraints, is expected to keep HRC prices elevated in the near term.
Vietnam Steel by Hoa Sen Group
