India: HRC prices remain range-bound as buyers focus on need-based deals

• Benchmark HRC prices inch down by INR 100/t
• Monsoon dampens demand sentiment

India’s trade-level HRC prices remained largely range-bound during the week ended 23 June 2026, with market offers hovering at INR 55,700-59,500/t ($588-628/t). Trading activity continued to be muted as weak demand and need-based procurement kept overall market participation limited.

Meanwhile, trade-level CRC prices were assessed at INR 60,000-68,200/t ($633-720/t) during the week, reflecting a similarly subdued market environment.

BigMint’s bi-weekly benchmark assessment for HRC (IS2062, Gr E250, 2.5-8 mm/CTL) in Mumbai edged down by INR 100/t ($1/t) w-o-w to INR 58,200/t ($614/t) as of 23 June, compared to INR 58,300/t ($615/t) a week earlier.

In contrast, the benchmark assessment for CRC (IS513, Gr O, 0.9 mm/CTL) remained unchanged at INR 65,200/t ($688/t). All assessments are ex-Mumbai and exclusive of 18% GST.

Market updates

India’s trade-level HRC market remained largely stable during the week, with purchasing activity continuing on a need-based basis. A distributor from North India reported a slight improvement in buying interest compared to the previous month; however, transactions remained limited to essential requirements as the onset of the monsoon season is expected to weigh on market activity.

Meanwhile, an eastern India-based distributor indicated that both demand and supply conditions remained subdued, reflecting the overall sluggish market environment. Market sentiment continued to be cautious, with buyers avoiding inventory build-up and focusing primarily on fulfilling immediate consumption needs.

Additional updates

Import volumes: India’s bulk imports of HRCs touched 156,780 t as on 19 June. Around 160,305 t of additional cargoes are expected by mid-July.

Export volumes: India’s bulk exports of HRCs touched 91,076 t as of 19 June. Around 106,600 t of additional cargoes are expected to be shipped.

Outlook

The Indian HRC market is expected to remain stable to soft in the near term, as monsoon-related disruptions continue to weigh on demand and trading activity. Buyers are likely to maintain a cautious approach, restricting purchases to immediate requirements amid subdued consumption trends. Market participants will also closely monitor upcoming price announcements from domestic steel mills, which could provide further direction to market sentiment and pricing trends.