- Domestic HRC cheaper by INR 2,000/t
- 12% safeguard duty increases HRC import landed cost
The spread between domestic and imported hot rolled coil (HRC) prices in India was estimated at around INR 2,000/t as of 6 March, based on BigMint calculations. Further increases in domestic prices may narrow the gap and bring both markets closer to parity.
BigMint analysed the impact of the 12% safeguard duty on HRC imports, which account for the largest share of flat steel imports into India from both FTA and non-FTA countries.
For non-FTA countries, the CFR price of HRC was assessed at around $490/t on 3 March. After adding 7.5% basic customs duty (BCD) and 0.75% cess, the price increases to approximately $530/t. At an assumed exchange rate of INR 92/$, the value translates to about INR 48,586/t.
The 12% safeguard duty, along with a 1.2% cess, adds roughly $70/t, taking the cost to about $600/t, or INR 55,003/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 57,003/t.
Meanwhile, BigMint’s benchmark assessment (bi-weekly) for HRC (IS2062, Gr E250, 2.5-8 mm/CTL), ex-Mumbai, was assessed at INR 55,000/t on 6 March, up by INR 1,000/t week-on-week (w-o-w) from INR 54,000/t on 27 February. 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 countries is estimated at around INR 2,000/t.
Similarly, CFR offers from FTA countries were heard at around $525/t, translating to a landed cost of approximately INR 56,453/t, slightly lower than imports from non-FTA countries.
Domestic market update
Leading Indian steelmakers increased list prices of HRC and CRC by INR 750-1500/t for early March 2026 sales. List prices for HRC (2.5-8mm, IS2062, Gr E250 Br) were heard in the range of INR 53,750-55,500/t ex-Mumbai.
Following the announcement of February sales prices, mills revised prices again, taking the cumulative month-on-month (m-o-m) increase to around INR 1,200-1,500/t in early March.
On a monthly basis, trade-level HRC prices increased by INR 1,000/t to INR 54,750/t in March 2026, compared with INR 53,750/t in February 2026.
Bulk HRC imports
Bulk HRC imports into India totalled 361,248 t in February 2026, down 10% year-on-year (y-o-y) from 401,621 t in February 2025, according to BigMint vessel line-up data. However, imports increased 21% m-o-m compared with 299,673 t in January 2026, as buyers restocked inventories ahead of the financial year-end.
In February, South Korea, China and Japan remained the top three exporters of bulk HRC to India, shipping 184,272 t, 83,562 t, and 46,003 t, respectively.
Imports from South Korea declined by 10% y-o-y, while Japanese shipments fell by 62%. In contrast, Chinese shipments increased by 133% during the same period.
Outlook
With domestic prices increasing and import landed costs elevated following the safeguard duty, the spread between domestic and imported HRC prices has narrowed to around INR 2,000/t. Further increases in domestic prices could narrow the gap further and move the two markets closer to parity.
At the same time, rising geopolitical tensions involving Iran, Israel and the US may increase freight and insurance costs, potentially adding further uncertainty to India’s HRC import trade.
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