The Government of India recently announced a 15% export duty on steel products, including hot rolled coil (HRC), which is hindering the export sales of Indian steel mills.
Vietnamese company Formosa Ha Tinh Steel recently offered discounts on domestic prices for deliveries in July-August. Chinese factories have also joined the price competition in the Vietnamese market. In addition, in India's other major market, the UAE, local buyers tended to be conservative about export duties.
In general, the outlook is uncertain due to export tariffs, so export sales of hot-rolled products from Indian mills are under pressure. Poor export sales also led to a fall in domestic prices in India in June.
Export sales of hot-rolled steel from India blocked by new tariffs
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