- Benchmark HRC index down INR 200/t
- CRC prices remain stable w-o-w
Trade-level prices of hot-rolled coils (HRCs) in India remained stable w-o-w at INR 49,200-51,200/t ($561-584/t). Similarly, cold-rolled coil (CRC) prices stayed firm w-o-w ranging between INR 55,100-59,100/t ($628-674/t).
BigMint’s benchmark assessment (bi-weekly) for HRC (IS2062, Gr E250, 2.5-8 mm/CTL) dropped by INR 200/t ($2/t) w-o-w to INR 50,000/t ($570/t) on 12 August 2025. On the other hand, CRC (IS513, Gr O, 0.9 mm/CTL) prices held stable w-o-w at INR 57,000/t ($650/t) on Tuesday. These prices are ex-Mumbai for the distributor-to-dealer segment and exclude 18% GST.
Market updates
Indian HRC market slows on weak demand: The steel market is witnessing a slowdown, with demand remaining weak and buyer inquiries limited. Market participants attributed “the sluggish activity to the ongoing festive period, which has temporarily dampened trading momentum”. Traders expect clearer demand signals to emerge in the first week of September, once market activity resumes post-festivities.
Import volumes: India’s bulk imports of HRCs touched 195,577 t as of 12 August, based on vessel line-up data. Around 151,508 t of additional cargo are expected by late-August.
Export volumes: India’s bulk exports of HRCs touched 97,331 t as of 12 August, based on vessel line-up data with BigMint.
Moreover, Indian mills have resumed HRC (SAE1006) export offers to the Middle East after a prolonged gap, driven in part by rising Chinese offers. However, market sentiments in the region remain subdued amid the ongoing summer season.
Outlook
In the near term, India’s HRC market is expected to stay range-bound amid slow trade activity due to the festive season and the recent holiday lull. Moreover, participants expect demand signals to become clearer in early September, with activity likely to pick up once festivities conclude.
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