India: Trade-level HRC prices fall by up to INR 600/t w-o-w on weak seasonal demand

• CRC prices fall by up to INR 900/t w-o-w 
• Market to remain subdued during monsoon 

Trade-level prices of hot-rolled coils (HRCs) in India declined by up to INR 600/tonne (t) w-o-w to INR 49,500-51,500/t ($577-601/t) across markets. Moreover, cold-rolled coil (CRC) prices dropped by INR 900/t w-o-w to INR 55,500-59,800/t ($647-697/t).

BigMint’s benchmark assessment (bi-weekly) for HRCs (IS2062, Gr E250, 2.5-8 mm/CTL) dropped by INR 500/t ($6/t) w-o-w to INR 49,900/t ($582/t) on 8 July 2025. Additionally, CRC (IS513, Gr O, 0.9 mm/CTL) prices declined by INR 400/t ($5/t) w-o-w to INR 56,500/t ($659/t). These prices are ex-Mumbai for the distributor-to-dealer segment and exclude 18% GST.

Market updates

Market faces demand slowdown: The prevailing monsoon season has significantly impacted trading, leading to a notable downturn in demand across most sectors. This reduced demand has contributed to a downward spiral in market activity.

In response to these conditions, buyers are currently adopting a “wait and watch” approach. This cautious stance is primarily driven by the anticipation of further price reductions.

“The market is currently experiencing a challenging phase, with momentum significantly weakened. The earlier optimism surrounding the potential implementation of safeguard duty has subsided, resulting in the erosion of most of the recent price gains. Buyer enquiries have slowed considerably, reflecting subdued demand, while credit realisation cycles are extending beyond normal timelines, indicating liquidity pressure in the market,” a market participant said.

Import volumes: India’s bulk imports of HRCs touched 81,903 t as of 5 July, based on vessel line-up data. Around 249,194 t of additional cargo are expected by the month-end.

Export volumes: India’s bulk exports of HRCs touched 10,061 t as of 5 July, based on vessel line-up data from BigMint. Moreover, a deal of around 40,000 t was heard concluded at $600/t CFR Antwerp for August shipment.

Outlook

In the near term, Indian HRC and CRC prices are likely to remain under pressure. Weak demand, intensified by monsoon blues, is driving buyers to adopt a wait and watch approach as they expect further price cuts.