The barrage of HRC imports from China and FTA countries in Q1CY’24 drove tier-1 mills further up the wall. They were already fighting weak domestic demand against excess supply. In Q1CY’24, imports rose 10% to 1.92 mnt against 1.74 mnt in Q4CY’23 and a whopping 79% compared to 1.07 mnt in Q1CY’23.
