India: Trade-level HRC prices fall amid soft market sentiments

• Soft sentiments push HRC prices lower
• Buyers delay purchases amid uncertainty

Trade-level prices of hot-rolled coils (HRCs) in India showed down-trend in the week beginning 24 Nov. HRC prices stood at between INR 46,000-48,100/tonne (t) ($516-539/t) across regions. Cold-rolled coil (CRC) prices ranged between INR 51,300-56,000/t ($575-628/t).

BigMint’s benchmark assessment (bi-weekly) for HRCs (IS2062, Gr E250, 2.5-8 mm/CTL) dropped by INR 300/t ($3/t) w-o-w to INR 46,200/t ($518/t) on 24 November 2025 against INR 46,500 ($521/t) on 18 November.

CRC (IS513, Gr O, 0.9 mm/CTL) prices decreased by INR 500/t ($6/t) w-o-w to INR 54,300/t ($609/t) on Tuesday against INR 54,800/t ($614/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 sentiments remained soft as market demand remains moderate, but oversupply and high inventory levels are weighing on sentiment, a participant informed Bigmint. Additionally, buyers are delaying purchases, anticipating next month’s price revision and fearing further price declines amid excess availability and weak overall demand.

Import volumes: India’s bulk imports of HRCs touched 197,069 t as of 22 November 2025, based on vessel line-up data. Around 115,427 t of additional cargoes are expected by early December.

Export volumes: India’s bulk exports of HRCs touched 162,088 t as of 22 November 2025, and around 159,015 t of additional cargo are in transit.

Outlook
HRC prices are likely to stay under pressure in the near term as soft demand, elevated inventories and liquidity constraints curb buying interest. Moreover, market participants are cautiously waiting for mills’ price revision for next month.