- Benchmark prices edge down w-o-w
- Need-based buying continues across key markets
Trade-level prices of hot-rolled coils (HRC) in India showed mixed trends during the week ending 2 June 2026. HRC offers were reported in the range of INR 56,500-59,700/t ($590-623/t), as overall demand remained largely need-based.
Cold-rolled coil (CRC) trade prices moved up by INR 300-900/t ($3-9/t) w-o-w in some regions, while some regions reported stable prices. However, buying sentiment remained cautious amid sluggish downstream demand.
BigMint’s bi-weekly benchmark assessment for HRC (IS2062, Gr E250, 2.5-8 mm/CTL) in Mumbai decreased by INR 200/t ($2/t) w-o-w to INR 58,400/t ($610/t) as of 2 June 2026, reflecting limited transaction activity in the distributor-to-dealer segment. The assessment excludes 18% GST and is ex-Mumbai.
Meanwhile, BigMint’s benchmark assessment for CRC (IS513, Gr O, 0.9 mm/CTL) increased by INR 200/t ($2/t) w-o-w at INR 65,200/t ($681/t) on 2 June 2026.
Market Update
Trade-level HRC prices exhibited mixed trends this week. In the northern region, distributors attempted to raise offers to offset higher procurement costs and protect margins, supported by limited availability of certain thicknesses, which led to localized supply tightness. However, other regions continued to witness adequate material availability, keeping prices largely range-bound amid sluggish demand.
Market activity remained subdued, with purchases largely restricted to immediate requirements. Buyers continued to adopt a cautious stance, awaiting fresh mill price announcements before committing to larger volumes. Sentiment across the market remained guarded, as prevailing demand conditions were seen as insufficient to support further price hikes. Consequently, expectations are increasing that mills may either maintain current price levels or announce corrections in the coming week.
Additional updates
Import volumes: India’s bulk imports of HRCs touched 423,925 t in May. Around 154,895 t of additional cargoes are expected by early-July.
Export volumes: India’s bulk exports of HRCs touched 231,749 t in May. Around 20,465 t of additional cargoes are expected to be shipped.
Outlook
The flat steel market is likely to remain muted towards the upcoming week, with demand continuing to be driven largely by immediate requirements. Market participants expect mills to largely roll over prices in their upcoming announcements. However, subdued buying interest and approaching monsoon may keep market sentiment cautious, limiting the scope for any significant price increase.
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