Leading Indian steel manufacturers have officially raised the list prices of hot-rolled coils (HRCs) and cold-rolled coils (CRCs) by INR 1,100-1,500 per tonne ($6-18/t) for March 2025 sales. Additionally, some new market entrants have announced a price increase of INR 1,100-1,400/t ($6-18/t) for the same products. While multiple mills have confirmed this price hike, official announcements from a few others are still pending.
The list prices of leading steel manufacturers for hot-rolled coils (HRCs) (2.5-8 mm, IS2062, Gr E250, Br.) were INR 49,600-52,800/t ($565-582/t) ex-Mumbai. Cold-rolled coil (CRC) prices (0.9 mm, IS513 CR1) ranged from INR 53,000-56,000/t ($631-652/t).
Meanwhile, new market entrants priced HRC (2.5-8 mm, IS2062, Gr E250, Br.) at INR 49,400-50,300/t ($565-582/t) ex-Mumbai. These prices do not include 18% GST.
Market scenario
Domestic trade market increase m-o-m: In India’s trade segment, the monthly average price of HRCs edged up by INR 1,400/t ($1/t) m-o-m to INR 48,400/t ($546/t) in January 2025, while CRC prices increased by INR 1,000/t at INR 54,500/t ($624/t).
The trade market witnessed a rise in prices towards the end of the month as there was shortage in material as well rumors regarding the implementation of a safeguard duty.
Import trends: As per BigMint’s vessel line-up data, the cumulative import volume touched 4,13,020 t in February. It was 471,623 t in January and 4,73,222 t in December 2024.
Export trends: Indian exporters have resumed HRC offers to the Middle East. While European demand remained weak due to ongoing anti-dumping investigations. Also, offers to Vietnam were limited.
Outlook
Planned maintenance at key mills may tighten supply, coinciding with anticipated quarter-end demand. However, buyer price resistance and generally subdued market activity are expected to moderate any potential price increases. While some upward price movement is likely, a sharp surge is not expected.
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