With Taiwan, South Korea, and Vietnam imposing anti-dumping measures on Chinese hot-rolled coil (HRC), Chinese mills are gradually withdrawing from the Asian market, leaving a gap of 9-9.5 million tons per year. As a result, HRC prices in the Asian market have risen, and India is poised to take over from other mills in the competition.

According to Vietnam's 2024 customs data, Chinese HRC imports were around 9.2 million tons. South Korea's imports of Chinese HRC from 2023-2024 were estimated to be 1.6 million tons. Taiwan imported approximately 740,000 tons in 2024.

Based on these estimates, it seems that no single country's steel mill can monopolize the market. At present, emerging steel mills in ASEAN are the most active in grabbing orders at low prices.