India: HRC prices remain muted amid bearish market sentiments

• Buyers stay cautious amid weak demand
• Benchmark offers rise on mill hikes

Trade-level prices of hot-rolled coils (HRC) across Indian markets held range-bound w-o-w on 12 May 2026 to INR 56,700-59,800/t ($593-625/t), while cold-rolled coil (CRC) prices were assessed at INR 61,500-68,000/t ($643-711/t).

BigMint’s bi-weekly benchmark assessment for HRCs (IS2062, Gr E250, 2.5-8 mm/CTL) increased by INR 1,000/t ($10/t), w-o-w to INR 58,700/t ($613/t) as of 12 May compared to INR 57,700/t ($603/t) on 5 May.

Similarly, CRC (IS513, Gr O, 0.9 mm/CTL) prices were assessed at INR 65,500/t ($684/t) on 12 May, a w-o-w uptick of INR 400/t ($4/t) from INR 65,100/t ($680/t), a week ago. These assessments are ex-Mumbai for the distributor-to-dealer segment and exclude 18% GST.

Market update

Trade-level prices of HRC and CRC remained subdued this week, as buyers largely stayed on the sidelines, showing little inclination to procure. Adding to the downward pressure, sellers in select markets softened their offers, contributing to a further easing of prices.

However, in Mumbai distributors there raised their offers in line with mill-level price hikes, providing a rise in prices. Nevertheless, weak demand persisted across regions, capping any meaningful upside.

Transaction activity remained muted throughout, with buyers showing no urgency to lift volumes beyond their immediate requirements. A market participant informed BigMint, “The mood across the supply chain is one of wait-and-watch, with neither side showing much appetite.”

Additional updates

Import volumes: India’s bulk imports of HRCs touched 111,117 t as on 8 May. Around 1,58,900 t of additional cargoes are expected by late-May.

Export volumes: India’s bulk exports of HRCs touched 69,041 t as on 8 May. Around 68,420 t of additional cargoes are expected.

Outlook

In the near term, market sentiment is expected to remain bearish, with buyers likely to stay cautious amid weak demand indicators. Thin buying interest continues to offer little support for a shift in market direction, prompting participants to closely monitor developments before committing to fresh volumes.