Import bookings of hot-rolled coil (HRC) into India have come to a standstill because of tariff uncertainties, with buyers fearing that the government may soon impose a safeguard duty on flat steel imports.
Japanese and South Korean mills which regularly sell HRC to Indian importers made no fresh offers in the week ended Friday July 12 because importers are not willing to open letters of credit, even for previous HRC import bookings."We will not make fresh bookings...