- Stocks stay elevated at distributors, mills
- Liquidity constraints limit HRC purchases
Trade-level prices of hot-rolled coils (HRCs) in India showed mixed trends in the week ended 18 November. Prices declined in some markets, while other regions witnessed range-bound trends. HRC prices stood at INR 46,500-48,100/tonne (t) ($526-544/t) across regions. Cold-rolled coil (CRC) prices ranged between INR 51,500-56,300/t ($582-637/t).
BigMint’s benchmark assessment (bi-weekly) for HRCs (IS2062, Gr E250, 2.5-8 mm/CTL) dropped by INR 500/t ($6/t) w-o-w to INR 46,500/t ($526/t) on 18 November 2025 against INR 47,000 ($532/t) on 11 November.
CRC (IS513, Gr O, 0.9 mm/CTL) prices decreased by INR 300/t ($3/t) w-o-w to INR 54,800/t ($620/t) on Tuesday against INR 55,100/t ($623/t) the week before. These prices are ex-Mumbai for the distributor-to-dealer segment and exclude 18% GST.
Market updates
The domestic HRC market remained weak amid poor demand and abundant material availability. A market participant informed BigMint, “Mills and distributors are actively pushing sales as inventories stay moderate to high, but liquidity constraints are limiting purchases.” While end-user offtake is only moderate, stock levels at distributors and company yards are elevated, keeping overall market sentiment subdued.
Import volumes: India’s bulk imports of HRCs touched 110,480 t as of 15 November 2025, based on vessel line-up data. Around 126,618 t of additional cargoes are expected by the end of November.
Export volumes: India’s bulk exports of HRCs touched 116,219 t as of 15 November 2025, and around 87,605 t of additional cargo are in transit.
Outlook
HRC prices are likely to stay under pressure as demand remains weak and inventories elevated. Moreover, liquidity constraints may further curb buying. However, the market remains in a wait-and-watch mode, keeping participants cautious about the future price trajectory.
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