According to Cybex customs data, India continued to be a net exporter of hot-rolled coil (HRC) in April, though the export-import gap narrowed compared to March. Imports rose by 30.6% from March to about 64,000 tons, while exports fell by 35.7% to around 69,000 tons. April imports were mainly from South Korea, Japan, and China. South Korea led with 34,000 tons, followed by Japan at 30,000 tons, and China at just 81 tons.

The Indian government imposed a 12% safeguard duty in March, which may cause the country’s imports to decline in the coming months due to this duty. Besides, despite local steel mills raising prices, international prices remained unchanged. Therefore, export channels may also face restrictions.