- Liquidity pressures limit trading activity
- HRC prices fall by INR 600/t in Mumbai
Trade-level prices of hot-rolled coils (HRCs) in India showed mixed trends w-o-w. Some markets saw a downtrend, while others remained firm. HRC prices hovered between INR 46,500-48,300/t ($525-546/t) across regions, while cold-rolled coil (CRC) prices ranged between INR 52,000-56,500/t ($588-538/t).
BigMint’s benchmark assessment (bi-weekly) for HRCs (IS2062, Gr E250, 2.5-8 mm/CTL) dropped by INR 600/t ($7/t) w-o-w to INR 47,000/t ($531/t) on 11 November 2025 against INR 47,600 ($538/t) on 4 November 2025. CRC (IS513, Gr O, 0.9 mm/CTL) prices decreased by INR 400/t ($5/t) w-o-w to INR 55,100/t ($622/t) on Tuesday against INR 55,500/t ($627/t) the week before. These prices are ex-Mumbai for the distributor-to-dealer segment and exclude 18% GST.
Market updates
Domestic market sentiment remains soft: Domestic HRC market sentiment remained subdued amid weak demand and slow trade. A southern market participant stated no fresh offers or inquiries were heard, reflecting limited trading activity. Moreover, liquidity constraints continued to pressure transactions, while distributors struggled to secure workable prices, making it difficult to conclude deals.
Import volumes: India’s bulk imports of HRCs touched 62,440 t as of 8 November 2025, based on vessel line-up data. Around 137,500 t of additional cargoes are expected by the end of November.
Export volumes: India’s bulk exports of HRCs touched 86,992 t as of 8 November 2025, and around 61,000 t of additional cargo are in transit.
Outlook
Domestic HRC prices are likely to remain range-bound, as demand shows little sign of improvement. Additionally, ongoing liquidity pressures and subdued sentiment are expected to keep trading activity quiet in the upcoming weeks.
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