- Higher met coke, iron ore costs prompt mill price hikes for Sep
- Tight material availability in trader channel supports prices
India’s hot-rolled coil (HRC) prices remained broadly stable w-o-w, although some regions witnessed modest increases, supported by firmer mill indications and relatively tight spot availability. Buying activity remained cautious but showed a slight improvement, while market confidence strengthened. Trade-level offers were assessed at INR 58,700-62,000/t ($617-651/t).
BigMint’s bi-weekly benchmark assessment for HRC (IS2062, Grade E250, 2.5-8 mm/CTL) stood at INR 61,700/t ($648/t) ex-Mumbai as of 8 September 2026, down by INR 300/t w-o-w.
Meanwhile, the benchmark assessment for cold-rolled coil (CRC) prices (IS513, Grade O, 0.9 mm/CTL) increased by INR 1,300/t ($13/t) w-o-w to INR 71,800/t ($754/t) ex-Mumbai as of 8 September 2026, compared with INR 70,500/t ($741/t) in the previous week. All prices are exclusive of 18% GST.
Market update
India’s trade-level HRC market remained broadly stable w-o-w. Mills announced price hikes of INR 650-2,500/t for September, driven by higher met coke and iron ore costs, strengthening price indications. Meanwhile, market panic has eased from the previous week, with buyers and traders showing greater confidence in prevailing prices.
Price increases were more pronounced in the southern market, largely reflecting a lagged response to the price gains witnessed in the western market during the previous week. This regional adjustment provided some upward movement in spot prices, although the broader market remained stable.
Demand remained largely stable with a slight improvement, with procurement continuing to be predominantly requirement-based. However, traders and financiers have started anticipating further price increases, with some looking to build positions to capture a potential premium as prices move higher. This has provided additional support to market activity without creating aggressive speculative buying.
Material availability in the trader channel remained relatively tight, as controlled mill dispatches and allocations towards automotive and B2B customers limited spot supplies. Traders continued to operate with lean inventories and exercise caution in releasing material, particularly on credit, supporting sellers’ pricing positions. Buyers’ purchasing volumes remained lower at prevailing prices, as higher HRC prices reduced the tonnage they could procure within the same working-capital budget.
Overall, stable-to-slightly improved demand, requirement-based procurement, easing market panic, tight trader-channel availability and expectations of further price hikes have kept HRC prices firm and positive. The market has remained largely stable from the previous week, with participants increasingly focused on preserving margins and positioning for potential further price appreciation.
Imports and Exports
Import volumes: India’s bulk HRC imports stood at 32,383 t during 1-4 September 2026.
Export volumes: India’s bulk HRC exports stood at 145,939 t during 1-4 September 2026.
Indian HRC export offers rose w-o-w, supported by stronger domestic realisations and limited availability. Export bookings remained selective amid elevated price expectations. Inquiries from the EU for the Q1CY’27 quota were heard, whereas offers to Vietnam and the Middle East remained largely on hold.
Outlook
India’s HRC market is expected to remain firm with a positive undertone next week, although upside may remain limited as demand stays largely requirement-driven. Tight trader-channel availability, controlled dispatches and firm mill indications are likely to support prices. Buying is expected to remain selective, while traders and financiers may continue positioning for potential mill hikes. Overall, HRC prices are expected to remain stable-to-firm, with a mild upward bias if supply remains constrained.
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