India's HRC imports increased by 42.95% in June

According to customs data, India's hot rolled coil (HRC) imports increased significantly by 42.95% in June, reaching 208,469 tons. June also saw India continue to be a net importer, with hot rolled coil exports falling by 25.6% month-on-month to 48,719 tons.

The data covering HS codes under the heading 7208 includes the most traded codes: 720837, 720838, and 720839. These codes represent HR carbon steel coils and sheets with a thickness of 10 mm and a width of over 600 mm, excluding stainless products.

India met all its imports from Asian countries. Japan and South Korea remained the largest suppliers for the fifth month. Japan led the way among suppliers in June, followed by South Korea in May.

Japan's hot rolled coil imports to India reached 139,363 tons, increasing by 94.6% monthly. AMNS India became the factory that imported the most by purchasing 59,909 tons, an increase of 165.1% compared to the previous month. AMNS Khopoli became the second largest importer with 30,447 tons, an increase of 52.9%. Both factories sourced their products from Nippon Steel Trading.

Other major importers included K AmishKumar Trading Private Ltd with 28,035 tonnes and Jindal India Ltd with 20,347 tonnes. These companies sell their products mainly to Mitsui & Co. and purchased products from JFE Shoji Corporation.

South Korea supplied 63,168 tons of hot rolled coils, down 24% compared to May. Posco Maharashtra was the top importer factory from South Korea for the third consecutive month, importing 52,942 tonnes, down 34.95% month-on-month. RK Steel Manufacturing and Wheels India also imported significant quantities from GS Global Corporation and Hyundai Corporation respectively.

China became India's third largest supplier of hot rolled coils in June, and its imports decreased by 56.3% compared to May, reaching 5,937 tons. K AmishKumar Trading Private Ltd was the factory that imported the most from China with 5,272 tons. Honors Commodity Hong Kong was the main supplier.

This increase in hot rolled coil imports comes at a time when domestic producers are increasingly concerned about rising import levels. Discussions are reportedly ongoing between India's steel and commerce ministries to address this influx, especially low-priced imports from China. However, sources state that it is too early to decide whether the government will take any steps.

According to data from Global Trade Tracker and Cybex, India's hot rolled coil imports increased by 47.8% to 2.17 million tons from July 2023 to June 2024, up 47.8% compared to the same period of the previous year. It reached 21 million tons.