According to the report, the European Union (EU) conducted a tariff-rate quota (TRQ) on other countries, increasing hot rolled coils redirected to India, which were originally exported to the EU from Southeast Asian and Asian countries were diverted to India.
The European Commission (EC) suggested to extend the EU steel safeguard measure for two years until June 30, 2026, they also proposed to impose 15% TRQ on hot-rolled coil for "other countries."
Some market participants indicated that if the quota policy is implemented, the import volume of hot rolled coils may increase and be redirected to India from countries like Vietnam, Japan, and South Korea. Meanwhile, India's HRC imports could rise as Asian mills reduce prices.