- Slight post-festive uptick; sentiment improving
- Shutdowns, price revisions to guide trend
Trade-level prices of hot-rolled coils (HRCs) in India showed an uptrend w-o-w to reach INR 46,700-49,000/tonnes ($526-552/t). Cold-rolled coil (CRC) prices ranged between INR 52,600-57,000/t ($593-643/t).
However, BigMint’s benchmark assessment (bi-weekly) for HRCs (IS2062, Gr E250, 2.5-8 mm/CTL) inched up by INR 200/t ($2/t) w-o-w to INR 47,600/t ($537/t) on 4 November 2025 against INR 47,400 ($534/t) on 28 October. CRC (IS513, Gr O, 0.9 mm/CTL) prices rose by INR 500/t ($6/t) w-o-w to INR 55,500/t ($626/t) on Tuesday against INR 55,000/t ($620/t) the week before. These prices are ex-Mumbai for the distributor-to-dealer segment and exclude 18% GST.
Market updates
Slight improvement in prices w-o-w: After a period of soft HRC prices driven by weak demand and festive-season slowdown, sentiment has begun to improve. Post-holidays, participants have returned to the market, leading to slight price recovery. Additionally, optimism is growing as mills consider list price hikes for November, supported by low expectation of improvement in demand and tighter supply from blast furnace and HSM shutdowns. These factors signal a mild near-term upside.
Import volumes: India’s bulk imports of HRCs touched 391,856 t as of 31 October 2025, based on vessel line-up data. Around 93,380 t of additional cargoes are expected by the mid-November.
Export volumes: India’s bulk exports of HRCs touched 442,393 t as of 31 October 2025.
Outlook
HRC prices have inched up, reflecting improving sentiment after the festive break and planned maintenance shutdowns. Additionally, upcoming monthly price revisions likely pointing to a hike are expected to guide the next stage of domestic pricing.
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