Vietnamese steelmaker Hoa Phat has received Bureau of Indian Standards (BIS) approval for its pipe grade IS 1079:2017 Hot Rolled Coil (HRC), with the certification valid until Feb. 5, 2026.
According to the BIS website, the approval covers grades HR0, HR2, HR3 and ISH270C, with thickness ranging from 1.50 mm to 12 mm and widths between 900 mm and 1,524 mm.
Market participants in India see no immediate impact from the approval. Earlier, Vietnam’s Formosa also had its BIS certification renewed until Dec 4, 2025, but no confirmed bookings have been reported against their offers so far.
“Bookings might happen if offers remain competitive,” said a Mumbai-based trader. “If safeguard duties are imposed at 15-20%, it will be difficult for imports to remain viable. However, if the duty is around 5-10%, it may not be a major concern, as domestic mills are expected to increase their prices with the announcement of the safeguard measures, balancing the market.”
Another Mumbai-based source highlighted the role of pipe manufacturers in shaping demand for imported material.
“Pipe manufacturers can export the material, so they might go for the cheaper imported coils. For now, the market is waiting for an update on safeguard duties,” the source said. “If a safeguard duty is coming, it should be announced by the end of the month. If not, the impact will fade, and competitive offers will drive bookings. It’s high time the government takes action, either on antidumping or safeguard duties.”
Meanwhile, Vietnamese mills continue to assess market conditions before making fresh offers to India. “India will be an important export market for Vietnam, but we haven’t offered to India this month yet,” said a source from a Vietnamese mill, adding that their domestic sales have been good in February.
With uncertainty surrounding safeguard duties, Indian market players remain cautious about new bookings and are awaiting further clarity on the situation.
Platts, part of S&P Global Commodity Insights, assessed HRC prices in the Indian domestic market at Rupees 48,200/mt ($556/ mt) for 2.5-10 mm thicknesses on an ex-works Mumbai basis as of
Feb. 21.
