- Imports increase by 3% m-o-m in May
- South Korea, China key exporters
India’s bulk hot-rolled coil (HRC) imports in May 2025 stood at 279,250 tonnes (t), a 17% y-o-y decrease from 335,617 t in May 2024, according to BigMint data. But imports inched up 3% m-o-m against 272,258 t in April.
In May, South Korea and China emerged as India’s top bulk HRC exporters, shipping 171,233 t and 63,424 t, respectively. Moreover, imports from South Korea rose by 24 % y-o-y. A recent deal of 10,000 t was concluded at $520/t CFR India for July shipments. Chinese shipments decreased by 27% for the same period.
The domestic steel industry in India is concerned about the growing reliance on imports, especially from countries like South Korea and Japan that benefit from preferential tariffs under FTA.
Additionally, market participants are currently waiting for upcoming price revisions by Indian steel mills, which will indicate how producers leverage the new import protection, i.e. imposition of 12% safeguard duty.
Export volumes decline y-o-y
India’s bulk HRC export volumes declined by 34% y-o-y to 144,093 t compared to 217,876 t in May 2024. However, on a m-o-m basis, export volumes increased by 30% compared to 111,248 t in April.
Indian steelmakers are focusing on the domestic market, where demand is stable and prices are more favourable. Meanwhile, Chinese and Japanese exporters dominate key overseas markets such as the Middle East (M.E) and Vietnam, thereby increasing competition for Indian producers. Additionally, weak demand and slow buying in the EU are hindering India’s export momentum.
Outlook
The Indian HRC market is showing mixed trends, driven by the safeguard duty and shifting market dynamics. Moreover, the upcoming price revisions will be crucial in determining the future trajectory of the market.
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