India’s bulk HRC imports drop 34% y-o-y in Apr’25

• India’s HRC imports slumps in Apr’25 amid imposition of safeguard duty.
• China, Japan tighten export competition.

India’s bulk hot-rolled coil (HRC) imports in April 2025 were 272,258 tonnes (t), a significant 34% y-o-y decrease from 414,888 t in April 2024, according to BigMint data.

Moreover, imports dropped by 9% m-o-m against 297,505 t in March. The decline was primarily driven by the imposition of a 12% safeguard duty on flat steel imports by India.

In April, South Korea, Japan and China emerged as India’s top bulk HRC exporters, shipping 98,023 t, 7,822 t and 47,599 t, respectively. Moreover, imports from South Korea dropped 35 % y-o-y, while Japanese shipments decreased by 95% over the same period.

The domestic steel industry is concerned about increasing import reliance, especially from FTA partners like South Korea and Japan due to their preferential tariffs.

Export volumes decline y-o-y

India’s bulk HRC export volumes declined 67% y-o-y to 111,248 t compared to 337,744 t April 2024. In addition, volumes dropped by 35% m-o-m compared to 169,939 t in March 2025.

Indian steel producers are currently more aligned with domestic market opportunities, driven by stable demand and relatively better price realisations. At the same time, Chinese and Japanese suppliers maintain a consistent foothold in prominent export markets like the Middle East (ME) and Vietnam, presenting competitive challenges. Moreover, subdued demand and a cautious buying approach in the European Union have constrained India’s export potential.

Outlook

India’s safeguard duties on HRC imports reflect a shift toward protecting domestic mills and reducing reliance on FTA partners like South Korea and Japan. With stronger margins at home, producers are prioritising local markets over exports. However, this strategy may limit India’s global reach, especially amid tough competition from China and Japan in Southeast Asia and the ME. Additionally, these competitive pressures, along with uncertain demand in markets like the EU, present challenges for India’s export market.