- Domestic trade prices increase m-o-m
- HRC, plate imports continue to decline
Leading Indian steel manufacturers have raised the list prices of hot-rolled coils (HRCs) and cold-rolled coils (CRCs) by INR 2,000-2,300/tonne (t) ($23-27/t) for April 2025 sales. While some mills have confirmed this price hike, official announcements from a few others are still pending.
HRC list prices (for 2.5-8 mm, IS2062, Gr E250, Br.) were at INR 52,000-53,000/t ($608-620/t) ex-Mumbai. Meanwhile, CRC list prices (0.9 mm, IS513 CR1) ranged within INR 59,000-60,000/t ($655-702/t).
Market scenario
Domestic trade prices increase m-o-m: In India’s trade segment, the monthly average price of HRCs rose by INR 1,800/t ($21/t) m-o-m to INR 50,200/t ($587/t) in March 2025, while the same for CRCs increased by INR 2,300/t ($27/t) to INR 56,800/t ($664/t).
Prices also witnessed an upward correction as imports began to dwindle. However, buyers were hesitant to accept higher prices and only purchased what they absolutely needed.
Downtrend in imports continues: As per BigMint’s vessel line-up data, bulk imports of HRCs and plates continued to decline m-o-m. To illustrate, the cumulative import volume touched 408,762 t in March, while it was 413,020 t in February and 471,623 t in January.
Export offers rise in Mar’25: Indian HRC export offers to Europe resumed in March, following the European Commission exempting India from anti-dumping duties. Consequently, Indian HRC offers rose m-o-m to $630-635/t CFR Antwerp amid higher domestic prices in the EU and favourable trade conditions. However, towards late March the demand remained sluggish owing to Eid Holidays.
The global steel industry is in turmoil, with increasing uncertainty over how to navigate trade barriers and steer clear of punitive measures. Moreover, global steel demand is expected to remain subdued: World Steel Association data show that global steel output dropped 3.4% y-o-y in February to 144.7 mnt.
Weekly assessment update
As of 1 March 2025, BigMint’s bi-weekly benchmark evaluation for HRCs (IS2062, Gr E250, 2.5-8 mm/CTL) and CRCs (IS513, Gr O, 0.9 mm/CTL) remained stable w-o-w at INR 52,000/t ($608/t) and INR 57,600/t ($674/t), respectively, exy-Mumbai. These prices exclude GST at 18% and are for cut-to-length (CTL) form.
Outlook
In the near term, domestic HRC and CRC prices could rise, driven by supply constraints and potential safeguard duties. However, buyers’ resistance to price hikes and cautious purchasing are evident. Prices are expected to increase at slower pace.
Leave a Reply