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In 2021, Europe imported 30.3 million tons of steel, and Turkey was the largest supplier. India accounted for about 11.6%, ranking as the second-largest steel supplier. Steel traders said India's exports to Europe were mainly in hot-rolled coils (HRC) and medium plates. European importers said the Indian tariffs could have a strong impact on the European market, while they didn't think it will bring the India-European steel trade to a complete halt. European HRC import prices have fallen rapidly in recent weeks and should now be near the bottom, while India's export tax hike may allow prices to rebound.