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UK hot-rolled coil (HRC) market participants have expressed confusion over the unexpectedly slow drawdown of the UK's other countries steel import quota.
As of today, 8,597t was remaining of the 22,589t quota for the January-March quarter. At least one trading firm will clear around 4,000t today, further reducing this volume, while one buyer said it has 5,000t to clear.
But it was widely expected that the quota would be exhausted immediately upon resetting. A domestic mill had around 22,500t of Indian HRC due to land in December for clearance into the January quota, and sources close to the company suggested that it cleared most of this, which would account for nearly all the volume.
Some importers also cleared around 5,000-6,000t that could not be cleared into the October quota, and added some extra tonnage.
Some buyers had Indian HDG on the TS Honour vessel, which only arrived at the Welsh port of Newport on 3 January, according to vessel tracking software, after sailing from Mumbai via Barcelona. These buyers had to pay duties on a portion of that tonnage.
India's HDG quota has been exhausted in the past two quarters for the first time, sparking suggestions that a local mill is importing some of this material. argusmedia
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