India: Mills raise HRC, CRC list prices by INR 750-1,000/t ($9-11/t) for Sep’25

• Expectations of strong manufacturing growth prompt rise
• GST cuts in key end-user sectors may lift flat steel demand

Leading Indian steel manufacturers have officially raised the prices of hot-rolled coils (HRCs) and cold-rolled coils (CRCs) by INR 750-1,000/tonne (t) ($9-11/t) for September 2025 sales as compared to the net sales price of end-August 2025.

List prices of HRCs (2.5-8 mm, IS2062, Gr E250 Br) ranged within INR 50,150-52,000/t ($569-589/t) ex-Mumbai. CRCs (0.9 mm, IS513 CR1) were listed at INR 55,650-58,750/t ($632-667/t).

BigMint’s benchmark assessment (bi-weekly) for HRCs (IS2062, Gr E250, 2.5-8 mm/CTL) held stable w-o-w at INR 49,500/t ($562/t) on 5 September 2025. However, CRC (IS513, Gr O, 0.9 mm/CTL) prices fell by INR 100/t ($1/t) w-o-w to INR 56,700/t ($643/t) on Tuesday against INR 56,800/t ($645/t). These prices are ex-Mumbai for the distributor-to-dealer segment and exclude 18% GST.

However, on an m-o-m basis, trade-level prices of HRCs rose by INR 500/t ($6/t) to INR 49,900/t ($566/t) in August 2025 against INR 49,400/t ($560/t) a month ago. On the other hand, CRC prices increased by INR 600/t ($7/t) to INR 56,900/t ($646/t) in August 2025 against INR 56,300/t ($639/t) in July 2025.

Factors behind increase in prices

1. PMI signals strong demand: India’s Manufacturing PMI rose to 59.3 in August 2025, the fastest improvement in nearly 17 years, showing strong growth in production and new orders. Moreover, demand was broad-based across capital and consumer goods, prompting firms to step up input buying and rebuild inventories.
2. GST cuts seen lifting flat steel demand: India’s latest GST reform, effective from 22 September, is expected to indirectly support flat steel prices, even though the steel tax rate remains unchanged. Market participants note that rate cuts in key end-user sectors – automotive, consumer durables, and construction — will likely spur downstream demand. In particular, the reduction of GST on automobiles from 28% to 18% is anticipated to ease cost pressures, stimulate production, and, in turn, drive stronger steel consumption.

Import, export volumes

Import volumes: India’s bulk imports of HRCs touched 22,504 t as of 6 September 2025, based on vessel line-up data. Around 360,220 t of additional cargoes are expected by the third week of August.

Export volumes: India’s bulk exports of HRCs touched 79,907 t as of 6 September 2025, based on vessel line-up data with BigMint.

Outlook

Market sentiment is expected to stay firm, supported by a strong manufacturing PMI at 59.3, indicating robust production and new orders. Moreover, GST cuts in key end-user sectors, especially automotive and construction, are expected to spur flat steel demand in the near term.