Market Update Amid Diwali Holiday
Due to the quiet market conditions during Diwali, India’s domestic hot-rolled coil (HRC) prices have remained stable, currently holding at INR 47,500–48,500 per tonne ($565–$576/tonne) EXW Mumbai.

Government’s Possible Measures Against Imports
Langzo Steel reports that the Indian government is exploring options to limit HRC imports without hiking the basic tariff rate. Potential measures include:

• Provisional Safeguard Duty: A temporary duty to curb import surges.
• Enhanced Quality Standards: Additional criteria to be imposed on imports.

Upcoming BIS License Expirations
Key licenses for HRC imports from China and Vietnam are set to expire soon:

• China’s BIS License: Expires on November 2
• Vietnam’s BIS License: Expires on December 4

Furthermore, with an ongoing anti-dumping investigation on Vietnamese HRC, interest from importers in sourcing from Vietnam remains low.

Anticipated Delays in Renewals for China & Vietnam
It’s expected that renewals for these BIS licenses will be delayed, potentially restricting imports from these regions even further.