India: Primary mills raise HRC, CRC list prices for early-Feb’26

• Higher coking coal prices push up production costs
• Demand remains steady, while supply tightens in Jan

Leading Indian steelmakers have increased list prices of hot-rolled coils (HRCs) and cold-rolled coils (CRCs) by INR 1,750-2,500/t ($19-28/t) for early February 2026 sales. List prices of HRCs (2.5-8 mm, IS2062, Gr E250 Br) ranged within INR 53,450-54,250/t ($593-601/t) ex-Mumbai. Moreover, CRCs (0.9 mm, IS513 CR1) were listed at INR 60,200-61,500/t ($667-682/t).

Notably, after the release of January sales prices, list prices were revised again twice or thrice throughout the month. As a result, in early February, the cumulative m-o-m increase in list prices stood at INR 2,500-3,250/t ($28-36/t).

These successive revisions also led to a sharp increase in monthly prices in the trade market. M-o-m, trade-level HRC prices rose by INR 4,900/t ($54/t) to INR 52,000/t ($576/t) in January 2026 compared with INR 47,100/t ($522/t) in December 2025. Meanwhile, CRC prices spiked by INR 3,300/t ($36/t) to INR 57,800/t ($641/t), up from INR 54,500/t ($603/t) in the same period.

W-o-w price assessment

BigMint’s benchmark assessment (bi-weekly) for HRC (IS2062, Gr E250, 2.5-8 mm/CTL) increased by INR 800/t ($9/t) w-o-w to INR 53,800/t ($597/t) on 3 February 2026 against INR 53,000 ($588/t) on 27 January.

Additionally, CRC (IS513, Gr O, 0.9 mm/CTL) prices rose by INR 900/t ($10/t) w-o-w to INR 59,700/t ($662/t) on 3 February 2026 against INR 58,800/t ($652/t) last week. These prices are ex-Mumbai for the distributor-to-dealer segment and exclude 18% GST.

Factors influencing prices in Jan’26

Throughout January 2026, India’s HRC and CRC trade markets witnessed bullish sentiment. Demand remained steady, while some regions witnessed tight supply. A northern India-based trader informed BigMint, “Some supply constraints have emerged recently at mills, though inventories remained moderate at the distributor levels.”

This momentum accelerated last week, with participants reporting smooth absorption of prior hikes and potential acceptance towards more upside.

Higher raw material costs were a key factor influencing the sharp uptick in prices. To illustrate, BigMint’s coking coal index increased 9% or $20/t m-o-m to $250/t CFR India, while the Odisha iron ore fines index (Fe 62%) was up by INR 200/t or 4% m-o-m at INR 5,900/t.

Import volumes: India’s bulk imports of HRCs totalled 299,673 t in January 2026, based on vessel line-up data. This is a 21% fall from 380,944 t in December.

Export volumes: India’s bulk exports of HRCs totalled 285,613 t in January 2026. This marks a 34% decrease m-o-m compared to 430,090 t in December.

Outlook

Looking ahead, India’s HRC and CRC trade prices are poised for modest gains in February, underpinned by sustained mill price hikes and elevated raw material costs. Market participants remain cautiously optimistic given expectations of continued demand strength during the last quarter of the fiscal year.