EU importers have been paying safeguard duties on Indian hot rolled coil cleared at customs since the end of last week after quotas were quickly exhausted.
Traders confirm the first safeguard duties were paid by importers clearing material on 23 April. That day, the average quota paid was 8%. Since then, any new HRC from India cleared until end of June will face a 25% duty.
“Most buyers with material waiting to be cleared are now doing it slowly, only selecting the material they need urgently,” a trader tells Kallanish. If new quotas are confirmed from the beginning of July, it is likely they will be completely used during the first days of the month.
“We need to keep in mind, nevertheless, that Indian HRC currently at docks in Europe was ordered in January, mainly, meaning even a 25% duty will make them competitive with today’s new offers from domestic mills and importers,” the trader adds.
Currently, new Indian-origin offers are not competitive, similarly to Turkish HRC prices, which are also levied with anti-dumping duties. Some offers of HRC from Asia have been reported this week at €900-920/t ($1,090-1,114) cif Europe, Kallanish understands, but delivery would be at the end of the third quarter.
Emanuele Norsa Italy