India HRC export activity remains curbed
Indian hot and cold rolled coil export activity to Europe continues to be weak amid the anti-dumping investigation and summer holidays in the EU, Kallanish learns from sources.
In Europe, no new India-origin HRC offers have been heard this week, for the third consecutive week. The last heard offers were at around $640-650/tonne cfr Antwerp, or $590-600/t fob India, for S235 grade, August/September shipment.
In August, the European Commission launched an anti-dumping probe against HRC from India, Egypt, Japan, and Vietnam. Turkey also issued dumping margins on India-origin HRC, at 11.65% for Tata Steel and at 18.26% for other mills.
Indian traders are unsure of when demand and trading activity will recover in the EU. Sources are not anticipating any EU buying to happen until the ongoing AD investigation is concluded.
Earlier, market sources had estimated activity in the EU may improve from September following the summer holiday lull.
According to the EU’s TARIC portal, India’s third-quarter EU safeguard quota balance stands at 66,926 tonnes as of 19 August, meaning 78% of the available quota is exhausted.
No new Indian-origin CRC offers to Europe were heard this week either. The last heard offers were at around $725-740/t cfr Antwerp, or $675-690/t fob India, for DC01 grade, August/September shipment, with offer prices negotiable.
In the South Asian market, no new India-origin offers to Nepal or Bangladesh were heard this week. Last week, offers to Nepal were heard at $565-575/t cfr delivered up to Raxaul Road/the Nepal border. Sources say Nepal buyers were postponing buying by 3-7 days amid falling prices. Chinese offer prices to Nepal were heard by two traders at as low as $450/t fob China.
In the African market, no new offers were heard this week, with traders noting payment issues were a challenge in the region. The most recent, limited offers, only applicable for select buyers, were reported at $580-590/t cfr Djibouti for end-August/September shipment, LC at sight, base commercial grades.
India continued to remain out of the Gulf Cooperation Council, Asia and other export markets, with no new offers heard this week.
Last week, several new trade cases were announced involving India. Malaysia launched an AD probe into Indian flat steel and some other origins. India also launched a HRC probe against Vietnam, following Vietnam’s starting of an investigation on India- and China- origin HRC.
Following the multiple AD probes, sources expect India will focus on its domestic market, and is unlikely to look towards exporting to international markets. A source adds that, even if India plans to return to the GCC market, it will be very difficult to compete since Chinese prices are very low.
Suhita Poddar India
EU starts major hot-rolled flats anti-dumping investigation
The EU has initiated an anti-dumping investigation on imports of hot-rolled flat steel from Egypt, India, Japan, and Vietnam, according to the Official Journal of the European Union on Thursday 8 August.
The complaint was lodged on 24 June by the European Steel Association Eurofer, Kallanish notes.
The product under investigation includes certain flat-rolled products of iron, non-alloy steel, or other alloy steel, whether or not in coils, including cut-to-length and narrow strip products, not further worked than hot-rolled, and not clad, plated, or coated.
The product allegedly being dumped, originating in Egypt, India, Japan, and Vietnam, is currently classified under CN codes 7208 10 00, 7208 25 00, 7208 26 00, 7208 27 00, 7208 36 00, 7208 37 00, 7208 38 00, 7208 39 00, 7208 40 00, 7208 52 10, 7208 52 99, 7208 53 10, 7208 53 90, 7208 54 00, 7211 13 00, 7211 14 00, 7211 19 00, ex 7225 19 10 (TARIC code 7225 19 10 90), 7225 30 90, ex 7225 40 60 (TARIC code 7225 40 60 90), 7225 40 90, ex 7226 19 10 (TARIC codes 7226 19 10 91, 7226 19 10 95), 7226 91 91, and 7226 91 99.
The investigation of dumping and injury will cover the period from 1 April 2023 to 31 March 2024.
The examination of trends relevant to the assessment of injury will cover the period from 1 January 2021 to the end of the investigation period.
The investigation will be concluded within one year, with a maximum extension of 14 months. Provisional measures may be imposed in seven-eight months.
EC notifies Vietnam of HRC dumping complaint
The European Commission said it has notified Vietnam that it has received a complaint for the initiation of an anti-dumping investigation into imports of hot-rolled coils (HRC).
The commission did not identify who filed the complaint against Vietnam.
Should a probe be launched, the commission may decide to pick a sample of exporters to investigate because of the large number of producers from Vietnam.
Market participants have expected an EU investigation into Vietnamese HRC imports since volumes started picking up. Last year Vietnamese imports of HRC into the EU rose to 1.13mn t, from 400,000t in 2022. Vietnam has frequently been the lowest-priced supplier on the market, targeting primarily large buyers and pure commodity grade coils. Since the launch of the Argus HRC cif Italy origin differentials earlier this year, Vietnam has traded at a discount.
There is talk that an investigation into Vietnamese hot-dip galvanised (HDG) could be launched too, and a probe into HRC imports from major ‘other countries’ such as Taiwan, Japan and Egypt..
Vietnam itself has this week launched a dumping investigation on imports of HRC from China and India and previously into HDG from China.
By Lora Stoyanova
