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EU releases initial HRC import volumes for Q1CY'25

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BigMint Bureau

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6 Jan 2025, 15:58 IST

EU releases initial HRC import volumes for Q1CY'25

Over 500,000 t put forward for customs clearance

Japan, Vietnam contribute largest share of imports

The European Union has released the initial volumes for hot-rolled coil (HRC) imports for the first quarter of 2025 (Q1CY'25), providing insight into how countries have utilised their respective safeguard quotas. As of 2 January 2025, at least 530,000 tonnes (t) of HRC have been put forward for customs clearance in the EU, according to data tracked by BigMint.

Country-wise volumes

The initial data reveals that Japan and Vietnam accounted for significant volumes, with 181,874 t and 150,920 t, respectively. Each country has a duty-free allowance of 138,766 t per quarter, indicating that a pro-rata safeguard duty will be payable for excess volumes. The awaiting allocation volume for Egypt stands at 76,143 t, while no HRCs are pending clearance from India.

Jan'25 imports expected to be lower than Oct'24 volumes

January's imports are projected to be higher than November and December, following the usual trend of an increase in the first month of a new quarter. However, they are on track to be lower than in October (the first month of Q3CY'24), when comparing customs clearance volumes.

The EU import data for October shows that over 200,000 t from Vietnam, Japan, and Taiwan were ultimately pulled back from customs clearance. Despite this, Turkish and Ukrainian imports ramped up later in the month, bringing overall October arrivals to 1.2 million tonnes (mnt).

AD investigations to impact imports

The ongoing anti-dumping (AD) investigations in the EU on Japan, Vietnam, India, and Egypt are expected to impact HRC imports. Market participants believe that the investigation will result in retroactive tariffs, which may influence buyers' decisions regarding customs clearance. This uncertainty has added a layer of complexity to the EU HRC import market for Q1CY'25.

Outlook

The initial data on EU's HRC import volumes for Q1CY'25 provides insights into market trends and country-wise allocations. As the quarter progresses, developments in the ongoing anti-dumping investigations are expected to impact the EU HRC import market.