The Indian government recently announced a 15% export tariff on steel products, including hot-rolled coil (HRC), which has hindered export sales of Indian steel mills.
Vietnam's Formosa Ha Tinh Steel recently offered discounts on domestic prices for July-August delivery. China mills also joined price competition in the Vietnam market. In addition, in another major market for India, the UAE, local buyers tended to be conservative considering export duties.
Overall, the outlook is uncertain due to export tariffs, so Indian mills' HRC export sales are under pressure. Poor export sales also pushed Indian domestic prices to drop in June.
