- HRC buying improves amid stable price expectations
- Trade activity picks up on restocking requirements
India’s hot-rolled coil (HRC) market strengthened slightly during the week ended 4 August 2026, supported by improved buying activity, after leading mills withdrew the rebate of around INR 750-800/t that they had been giving last month.
Trade-level HRC offers were reported at INR 54,800-58,400/t ($575-614/t), while buyers increased bookings selectively amid expectations that prices would remain stable in the near term.
BigMint’s bi-weekly benchmark assessment for HRC (IS2062, Grade E250, 2.5-8 mm/CTL) increased by INR 200/t w-o-w to INR 57,900/t ($608/t) ex-Mumbai.
Similarly, the benchmark assessment for CRC (IS513, Grade O, 0.9 mm/CTL) increased by INR 100/t ($1/t) to INR 65,000/t ($682/t) from INR 64,900/t ($681/t) ex-Mumbai, exclusive of 18% GST.
Market update
Trade-level HRC market activity improved marginally at the beginning of August after leading mills withdrew the rebates offered during July. The rollback of discounts resulted in higher effective transaction prices, while market participants reported a modest increase in inquiries and bookings compared with the previous month.
According to market participants, buyers have gradually increased purchases as expectations of stable prices through mid-August reduced the incentive to delay bookings. However, procurement largely remained aligned with immediate and near-term consumption requirements, with no significant evidence of aggressive inventory build-up.
Market participants indicated that mill order books remained relatively stable, while trade-level activity recovered from subdued levels seen during July. Overall demand conditions continued to be supported by regular consumption, although buying remained measured.
Imports and exports
Import arrivals continued to remain elevated. India’s bulk HRC imports reached 345,015 t as of 28 July, while another 239,192 t are expected to arrive by 31 August. South Korea, China and Indonesia remained the leading suppliers.
Bulk HRC exports stood at 260,157 t during the same period. Export offers to the EU increased as buyers booked material ahead of the exhaustion of the Q4CY’26 quota, while offers to the Middle East, Southeast Asia and Vietnam softened amid weaker buying interest.
Market outlook
Market participants expect domestic HRC prices to remain largely stable in the coming week, supported by the withdrawal of mill rebates and steady order inflows. Buying activity is expected to continue in line with consumption requirements.
Leave a Reply