- Domestic HRC cheaper than imports, price gap widens
- Bulk HRC imports surge nearly 40% m-o-m in April
Indian hot-rolled coil (HRC) is seeing a noticeable price gap with imports, as domestic rates are lower by around INR 6,200-6,700/t ($66-72/t) compared to imports as of 7 May 2026, according to BigMint calculations.
The CFR price of HRC from non-FTA countries was assessed at around $540/t on 6 May. After adding 7.5% basic customs duty (BCD) and 0.75% cess, the price comes to approximately $585/t. At an assumed exchange rate of $94/t, the value translates to about INR 55,167/t. The 12% safeguard duty, along with a 1.2% cess, adds roughly $77/t, taking the cost to about $662/t or INR 62,400/t. After adding port handling charges of around INR 2,000/t, the total landed cost of imports from non-FTA countries is estimated at approximately INR 64,400/t.
Similarly, CFR offers from FTA countries were heard at around $580/t. Due to FTA there is no BCD and after adding the 12% safeguard duty, along with 1.2% cess, roughly $77/t, it translates to a landed cost of approximately INR 63,900/t, slightly lower than imports from non-FTA countries.
Meanwhile, BigMint’s benchmark assessment (bi-weekly) for HRC (IS2062, Gr E250, 2.5-8 mm/CTL), ex-Mumbai, was assessed at INR 57,700/t on 5 May. Prices are assessed at the distributor-to-dealer level and exclude 18% GST.
At current levels, the spread between domestic benchmark prices and the landed cost of imports from non-FTA and FTA countries is estimated at approximately INR 6,200-6,700/t. The widening price gap can be attributed to the decline in domestic prices in late-April, driven by subdued demand and ample inventory levels.
Domestic market update
Leading Indian steelmakers have revised their mill list prices upward for early May, raising HRC prices by INR 1,000/t ($11/t). However, one mill has opted to roll over its prices, keeping them unchanged from the previous cycle. HRC list prices (2.5-8 mm, IS2062, Gr E250 Br) are now in the range of INR 59,050-61,000/t ($620-$640/t), ex-Mumbai.
Although mills have attempted to raise prices, these increases have not been effectively absorbed by the market.
Bulk HRC imports
Bulk HRC imports into India in April amounted to around 348,901 t, marking an increase of 28.1% y-o-y from 272,258 t in April 2025, as per BigMint’s vessel line-up data.
However, the same increased by 37.9% m-o-m compared to 252,877 t in March. Towards end-March, the gap between landed costs and domestic HRC prices narrowed significantly, making imports relatively more viable. This improved price parity triggered a pickup in bookings, which subsequently translated into higher shipments in April.
In April, South Korea, Japan and China continued to be the top three bulk HRC exporters to India, shipping around 93,707 t, 88,757 t, and 75,150 t respectively.
Outlook
The growing price gap between domestic and imported HRC may increasingly tilt buyer preference toward locally available material. With domestic prices becoming more competitive, imports may lose some of their appeal, encouraging buyers to rely more on the local market. This shift could lend some support to overall market sentiment in the near term, as improved buying interest may help stabilise prices and keep trade activity steady.
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