India: HRC prices vary by region on the back of low demand

• Trade HRC prices mixed w-o-w amid slow demand
• Benchmark HRC offers inch up modestly

Trade-level prices of hot-rolled coils (HRCs) in India showed mixed-trends w-o-w with prices in range of INR 49,500-51,600/t ($549-572/t) in key regions. However, cold-rolled coil (CRC) prices showed uptick w-o-w, ranging between INR 54,000-59,500 ($598-659/t).

BigMint’s benchmark assessment (bi-weekly) for HRCs (IS2062, Gr E250, 2.5-8 mm/CTL) increased by INR 700/t ($8/t) w-o-w to INR 51,700/t ($573/t) as assessed on Tuesday against INR 51,000/t ($565/t) on 6 January 2026.

In the same manner, CRC (IS513, Gr O, 0.9 mm/CTL) prices inched up by INR 300/t ($3/t) w-o-w to INR 57,300/t ($635/t) on 13 January 2026 against INR 57,000/t ($632/t), the last week. These prices are ex-Mumbai for the distributor-to-dealer segment and exclude 18% GST.

Market updates

The domestic HRC market prices firm up in the west while downtick was noted in the north this week, with mix-trends in demand observed in key regions. However, limited buying enquiries with distributors in northern India indicated that demand softness was partly attributable to festival holidays and an extended weekend, which dampened market activity and sellers with constrained liquidity were reported to be increasingly impatient amid slow offtake.

“Inventory levels at first-level sellers remain elevated, adding that it may take at least a week for stocks to be absorbed before fresh requirements emerge,” a source told BigMint.

Meanwhile, a leading steel producer has already implemented price increases for TMT and coated products. However, no official price revision has been confirmed for HRC and CRC so far. Although a hike was widely anticipated around mid-month, no such announcement materialised during the current week.

Import volumes: India’s bulk imports of HRCs touched 68,901 t as of 12 January, based on vessel line-up data. Around 107,199 t of additional cargoes are expected by the late-January.

Export volumes: India’s bulk exports of HRCs touched 20,253 t as of 12 January.

Outlook

We expect buying to remain cautious in the Indian HRC market is expected to remain cautious, with prices moving within a narrow range until demand improves after the holiday lull. Going forward, demand trends and any upcoming price announcements from mills will determine the market direction.