New Delhi, June 27 (AHN) The Directorate General of Trade Remedies' (DGTR) anti-dumping investigation into imports of hot rolled coil (HRC) steel from China, Japan and Russia could support a gradual recovery in domestic HRC prices over the medium term if anti-dumping duties are eventually imposed, according to a report released on Saturday.

A report by Equirus highlighted that near-term imports are likely to remain elevated due to India's relatively lower safeguard duty structure compared with major importing regions such as the European Union and the US, as well as continued demand for imported HRC under the Advance Authorisation Scheme for export-oriented steel pipe and tube projects.

"As we had highlighted earlier, HRC imports had jumped recently on the back of higher imports by metal pipe manufacturers, who were witnessing improved offtake from oil and gas projects in the Middle East," said Pranav Mehta, Associate Director – Equities, Equity Research at Equirus.

He noted that while the recently imposed safeguard duty provides initial support to domestic HRC prices, imports may continue in the near term because India's safeguard duty of 11.5 per cent remains lower than tariffs in several key markets.

If anti-dumping duties are imposed following the DGTR investigation, import economics could tighten further, benefiting integrated steel producers and primary steel tube manufacturers that rely on domestically produced HRC as feedstock, according to the report.

The DGTR initiated the investigation after an application by several companies, including state-owned Steel Authority of India Ltd. (SAIL).

Additionally, the domestic producers have alleged that imports from China, Japan and Russia have increased sharply, are being dumped at unfairly low prices and are causing material injury to the domestic steel industry.

The investigation covers hot rolled flat products of alloy or non-alloy steel -- excluding stainless steel -- with the probe period spanning January to December 2025.