- Global cues, costlier inputs prompt price hikes
- Market recovery to hinge on post-monsoon demand
Leading Indian steel manufacturers have officially raised the list prices of hot-rolled coils (HRCs) and cold-rolled coils (CRCs) by INR 1,000-2,000/tonne (t) ($11-23/t) for August 2025 sales as compared to the net sales price of end-July 2025.
List prices of HRCs (2.5-8 mm, IS2062, Gr E250 Br) ranged within INR 50,400-51,800/t ($575-591/t) ex-Mumbai. CRCs (0.9 mm, IS513 CR1) were listed at INR 55,900-57,650/t ($638-658/t).
BigMint’s benchmark assessment (bi-weekly) for HRCs (IS2062, Gr E250, 2.5-8 mm/CTL) climbed up by INR 1,200/t ($14/t) w-o-w to INR 49,700/t ($567/t) on 1 August 2025 against INR 48,500/t ($553/t) a week ago. On the other hand, CRC (IS513, Gr O, 0.9 mm/CTL) prices rose by INR 500/t ($6/t) w-o-w to INR 56,500/t ($644/t) on Friday against INR 56,000/t ($639/t) a week ago. These prices are ex-Mumbai for the distributor-to-dealer segment and exclude 18% GST.
However, on a m-o-m basis, trade-level prices of HRCs declined by INR 1,700/t ($19/t) to INR 49,400/t ($564/t) in July 2025 against INR 51,200/t ($584/t) a month ago. On the other hand, CRC prices dropped by INR 1,800/t ($21/t) to INR 56,300/t ($642/t) in July 2025 against INR 58,100/t ($663/t) in June 2025.
Factors behind increase in list prices
1. Global market sentiments improve: BigMint’s India hot-rolled coil (HRC, S275) export index rose by $5/t w-o-w to $540/t (FOB main port), supported by improved global market sentiment and higher Chinese export offers.
Chinese HRC export offers rose by $12/t w-o-w to $490/t against $478/t a week ago. The rise in prices is attributed to the increase in SHFE futures, as well as expectations of tighter steel supply and large-scale project investments. This upward movement in Chinese prices has lent support to Indian domestic sentiment as well.
2. Raw material costs rise: India’s largest merchant iron ore mining company, NMDC, increased list prices of iron ore CLO (calibrated lump ore) and fines. The miner has fixed prices of DR CLO (10-40 mm, Fe 67%) at INR 6,850/t ($78/t) and of iron ore fines (-10 mm, Fe 64%) at INR 5,250/t ($60/t), an increase of INR 450/t ($5/t) and 400/t ($4.5/t), respectively.
Prices rose amid improved buying interest and premium bids in recent auctions. The broader market also saw support from firmer global prices, rising pellet offers, and limited supply during the monsoon, reinforcing positive sentiment across the value chain.
Import, export volumes
Import volumes: India’s bulk imports of HRCs touched 484,879 t in July 2025, a rise of 50% against 322,329 t in June based on vessel line-up data. Around 222,696 t of additional cargoes are expected by the second week of August.
Export volumes: India’s bulk exports of HRCs touched 127,396 t as of July, declining by 8% m-o-m against 138,868 based on vessel line-up data with BigMint. Moreover, around 51,620 t of additional cargo are expected.
Outlook
Indian HRC and CRC markets may remain bullish, owing to improving global market sentiments, driven by stronger futures and production cuts in China. Moreover, rising raw material costs have added to the upward pressure. Meanwhile, mills expect a demand revival in the upcoming quarter, though actual recovery depends on post-monsoon demand and liquidity easing. However, caution prevails in the market, with buyers hesitant and some mills planning maintenance shutdowns.
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