- Monsoon season expected to dampen demand
- Rising imports continue to pressure sentiment
Leading Indian steelmakers have rolled over mill list prices for June 2026, keeping both HRC and CRC prices unchanged from the previous cycle amid subdued market activity and cautious buying sentiment.
HRC list prices (2.5-8 mm, IS2062, Gr E250 Br) are now in the range of INR 59,050-61,000/t ($617-$637/t), ex-Mumbai. CRC prices (0.9 mm, IS513 CR1) are listed at INR 66,400-68,750/t ($693-718$/t).
At the trade level, HRC prices declined by INR 600/t ($7/t) m-o-m in May to INR 58,500/t ($611/t), down from INR 59,100/t ($617/t) in April. CRC prices also softened, falling by INR 1,300/t ($14/t) to INR 65,200/t ($681/t) from INR 66,500/t ($694/t) during the same period.
Raw materials
Coking coal prices increased from $254.9/t in April to $263.9/t in May, raising input costs for integrated steelmakers. Under normal market conditions, the rise in coking coal prices would have supported higher flat steel prices.
However, subdued demand and cautious buying sentiment limited mills’ ability to implement price hikes. As a result, major steelmakers opted to roll over their June flat steel list prices despite the increase in raw material costs. Meanwhile, softer iron ore prices provided some relief, helping offset part of the coking coal cost escalation.
Import volumes surged m-o-m
Bulk hot-rolled coil (HRC) imports into India in May 2026 amounted to around 423,925 tonnes(t), marking an increase of 21.5% m-o-m from 348,901 t in April 2026, as per BigMint’s vessel line-up data.
However, the same increased by 51.8% y-o-y compared to 279,250 t in May 2025.
In May, China, South Korea and Japan continued to be the top three bulk HRC exporters to India, shipped around 147,417 t, 110,791 t and 53,681 t respectively. Additionally, the volume of imports from China jumped in the month by 96% m-o-m compared to April. Furthermore, shipments from South Korea rose by 18% m-o-m. However, the shipments from Japan marked a drop of 39% m-o-m compared with April.
India’s bulk HRC export volumes increased by around 58% m-o-m in May to 231,749 t compared to 146,721 t in April. However, export volumes increased by 60.83% y-o-y from 144,093 t shipped in May 2025
Outlook
India’s flat steel market is expected to remain range-bound in the near term amid subdued demand, rising import arrivals, and cautious buying sentiment. The onset of the monsoon season is likely to slow construction and infrastructure activities, which could further dampen trading volumes and steel consumption across key markets.
Market participants will closely monitor import trends, demand recovery after the monsoon, and the impact of safeguard measures, as these factors are expected to influence price direction in the coming months.
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