- Sluggish demand limits significant price movements
- Market participants stay wary amid price uncertainty
Trade-level prices of hot-rolled coils (HRCs) in India remained range-bound w-o-w at INR 49,000-51,000/tonne (t) ($556-579/t). Similarly, cold-rolled coil (CRC) prices held steady w-o-w, ranging within INR 55,300-59,000/t ($627-669/t).
BigMint’s benchmark assessment (bi-weekly) for HRCs (IS2062, Gr E250, 2.5-8 mm/CTL) fell by INR 200/t ($2/t) w-o-w to INR 49,500/t ($561/t) on 2 September 2025 against INR 49,700/t ($564/t) on 26 August 2025. Moreover, CRC (IS513, Gr O, 0.9 mm/CTL) prices fell by INR 200/t ($2/t) w-o-w to INR 56,800/t ($644/t) on Tuesday against INR 57,000/t ($646/t). These prices are ex-Mumbai for the distributor-to-dealer segment and exclude 18% GST.
Market updates
Slow demand limits price movements: Sentiment in the trade-level HRC market remained subdued amid weak demand. Prices were range-bound w-o-w, further reflecting the lack of momentum in the market.
Prevailing market uncertainty prevented both buyers and sellers from making significant moves. A source informed BigMint, “There is uncertainty regarding pricing, and the market awaits mills’ price revisions for the month for clearer direction.”
Import volumes: India’s bulk imports of HRCs touched 381,189 t as of 30 August, based on vessel line-up data. Around 248,786 t of additional cargoes are expected by the end of September.
Export volumes: India’s bulk exports of HRCs touched 226,837 t as of 30 August, based on vessel line-up data with BigMint. Moreover, around 12,700 t of additional cargo are being shipped.
Outlook
The Indian HRC market has adopted a cautious wait-and-watch stance, with participants hesitating to make significant moves until mills announce their price revisions. This pause reflects uncertainty, as buyers and sellers alike prefer to assess the upcoming pricing announcements before making any commitments or adjustments in trading activity.
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