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Gulf Cooperation Council hot rolled coil market activity has fallen silent after India imposed a 15% duty on HRC exports last weekend. The tariff has surprised sector participants who are now analysing its impact. Contracted HRC orders, for which GCC buyers have issued letters of credit to Indian mills, are not expected to be cancelled or renegotiated, Kallanish notes. Interestingly, the duty in India, the GCC’s dominant HRC supplier, has not stopped th…
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