- Demand gradually declines ahead of Holi
- Supply-demand gap leads to uncertainty
Trade-level hot-rolled coil (HRC) prices showed mixed trends w-o-w, maintaining a range of INR 48,900-51,000/tonne (t) across India. However, cold-rolled coil (CRC) prices remained firm w-o-w, settling at INR 54,800-58,800/t across markets.
BigMint’s benchmark assessment (bi-weekly) for HRCs (IS2062, Gr E250, 2.5-8 mm/CTL) increased by INR 600/t w-o-w to INR 49,600/t on 11 March 2025. Meanwhile, CRC (IS513, Gr O, 0.9 mm/CTL) prices remained stable w-o-w at INR 56,500/t. These prices are quoted ex-Mumbai for the distributor-to-dealer segment and exclude the 18% GST.
Market updates
Market uncertainty leads to mixed price trends: HRC prices showed mixed trends w-o-w, with some markets witnessing an increase, while tags fell or remained stable in others. Demand gradually dwindled ahead of Holi.
“The market is experiencing a supply and demand imbalance, resulting in price uncertainty. The delay in implementing the safeguard duty could cause price decreases following the Holi festival,” said a market participant.
Import trends: India’s bulk imports of HRCs and plates touched 114,530 t on 10 March 2025, according to vessel line-up data with BigMint. An additional 136,344 t are expected to arrive by the end of this month.
Export trends: BigMint’s price index for Indian HRC (SAE1006) exports to the Middle East and Vietnam remained steady w-o-w. Recent export deals to the Middle East kept prices stable at $495/t (FOB main port, India). In Vietnam, buyers focused on domestic HRCs despite rising mill prices. Meanwhile, the European market remained slow due to ongoing anti-dumping investigations.
Outlook
Weak demand and supply-demand imbalances have caused price uncertainty. The delayed implementation of safeguard duties may lead to price declines after Holi. Overall, market sentiment will remain cautious in the near term.
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