India: Trade-level HRC prices fall w-o-w; market waits for mills’ price announcements

• Buying limited, distributors focus on steady sales amid holidays
• Festive holidays such as Durga Puja weigh on trade activity

Trade-level prices of hot-rolled coils (HRCs) in India fell w-o-w to INR 47,400-50,000/tonne (t) ($534-563/t). Additionally, cold-rolled coil (CRC) prices showed a slight downtrend w-o-w, with prices ranging between INR 54,000-58,300/t ($608-656/t).

BigMint’s benchmark assessment (bi-weekly) for HRCs (IS2062, Gr E250, 2.5-8 mm/CTL) fell by INR 600/t ($7/t) w-o-w to INR 48,500/t ($546/t) on 30 September 2025 against INR 49,100/t ($553/t) on 23 September. Similarly, CRC (IS513, Gr O, 0.9 mm/CTL) prices inched down by INR 100/t ($1/t) w-o-w to INR 55,900/t ($629/t) on Tuesday against INR 56,000/t ($630/t) a week ago. These prices are ex-Mumbai for the distributor-to-dealer segment and exclude 18% GST.

Market updates

Market waits for mills’ price announcements: The Indian HRC market continued to face sluggish conditions, with buying limited to immediate requirements and restocking activity remaining scarce.

A source told BigMint, “Pricing remains uncertain, and the market is waiting for mills’ monthly price announcements to gain clearer direction.” Distributors, on the other hand, prioritised steady sales flow, choosing to close deals quickly to avoid losing customers, another participant pointed out. Additionally, festive holidays such as Durga Puja weighed on trade activity.

Import volumes: India’s bulk imports of HRCs touched 434,637 t as of 27 September, based on vessel line-up data. Around 208,371 t of additional cargoes are expected by mid-October.

Export volumes: India’s bulk exports of HRCs touched 140,901 t as of 27 September, and around 63,820 t of additional cargo are in transit.

Outlook

The Indian HRC market is currently in a wait-and-watch mode as participants look to mills’ upcoming price announcements for direction on pricing and sentiment for the coming month. Demand patterns are likely to emerge only after clarity on mill pricing, with buying decisions hinging on how end-user consumption unfolds post-festive holidays.