- Tier-1 mills announce price hikes for mid-December
- Rupee depreciation strengthens HRC outlook
Leading Indian steelmakers have raised list prices of hot-rolled coil (HRC) and cold-rolled coil (CRC) prices by between INR 750-1,000/tonnes (t) in the week ended 19 December, after keeping them stable during sales for the beginning of December, compared to sales at the end of November.
BigMint’s benchmark assessment (bi-weekly) for HRC (IS2062, Gr E250, 2.5-8 mm/CTL) surge by INR 1,100/t ($12/t) w-o-w to INR 47,100/t ($525/t) on 19 December 2025 against INR 46,000 ($513/t) on 12 December 2025.
Additionally, CRC (IS513, Gr O, 0.9 mm/CTL) prices increased by INR 500/t ($6/t) w-o-w to INR 54,200/t ($604/t) on 19 December 2025 against INR 53,700/t ($599/t), a week before. These prices are ex-Mumbai for the distributor-to-dealer segment and exclude 18% GST.
M-o-m, trade-level HRC prices eased by INR 650/t ($7/t) to INR 46,100/t ($514/t) in December 2025 compared with INR 46,750/t ($521/t) November 2025. CRC prices also declined by INR 900/t ($10/t) to INR 53,900/t ($601/t), down from INR 54,800/t ($611/t) within the same period.
What convinced mills to raise prices for mid-Dec’25?
Raw material cost pressures remain selective: while iron ore and coal imports become costlier, many Indian mills benefit from captive or domestic supplies. However, coking coal dependence remains high, so prolonged rupee weakness can pressure input costs and partially offset pricing gains.
Rupee depreciation: The depreciation of the rupee is exerting upward pressure on Indian HRC prices by increasing the landed cost of imports and reducing the viability of low-priced foreign material. This currency-led cost escalation is reinforcing domestic mills’ pricing power, improving market sentiment and supporting a firmer near-term price outlook despite moderate demand conditions.
Outlook
Indian HRC prices are expected to remain firm through the course of December, though prices are expected to improve, supported by mill price increases, a weaker rupee limiting imports, and gradually strengthening domestic demand.
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