- Buyers turn wary amid global tarrifs war
- Suppliers face resistance to recent price hikes
Trade-level hot-rolled coil (HRC) offers fell by up to INR 1,000/tonne (t) ($12/t) w-o-w to INR 51,200-53,500/t ($594-620/t) across domestic markets. However, cold-rolled coil (CRC) prices remained stable w-o-w at INR 56,300-59,000/t ($653-684/t). Notably, limited demand and need-based buying kept prices in check.
BigMint’s benchmark assessment (bi-weekly) for HRCs (IS2062, Gr E250, 2.5-8 mm/CTL) fell by INR 700/t ($8/t) w-o-w to INR 52,000/t ($603/t) on 8 April 2025. However, CRC (IS513, Gr O, 0.9 mm/CTL) prices decreased by INR 100/t ($1/t) w-o-w to INR 58,200/t ($675t). These prices are quoted ex-Mumbai for the distributor-to-dealer segment and exclude 18% GST.
Market updates
Market sees limited demand: The market experienced weak demand, with buying interest seen only at lower levels. Most transactions were concluded at lower prices, following buyers’ rejection of the recent increase. In response to sluggish sales, many distributors started offering discounts.
“Ongoing global market instability, including tariff conflicts, and uncertainty around the implementation of safeguard duty are making buyers hesitant. Many are holding off on purchases and waiting for more clarity. Additionally, with demand slowing down, several sellers are focusing on offloading their inventory and securing profits,” a market participant noted.
Import trends: India’s bulk imports of HRCs and plates touched 70,430 t as of 7 April, based on vessel line-up data from BigMint. Another 86,109 t are expected this month.
Export trends: Indian hot-rolled coil (HRC, SAE 1006) export offers to the Middle East remained muted after the Eid holidays, as buyers stayed cautious. The global market slowdown, triggered by new tariffs from US President Trump, led many to delay transactions while awaiting more clarity.
Meanwhile, Indian HRC export offers to the EU were steady w-o-w at $630-635/t CFR Antwerp, amid stricter safeguard measures. European domestic HRC prices rose due to producers pushing for hikes and limited import availability from trade restrictions. However, buyers remained cautious because of weak demand. Notably, the price increase was driven mainly by trade policies such as safeguards and anti-dumping duties, rather than strong demand.
Outlook
Domestic HRC prices are likely to remain under pressure, while CRC prices hold steady, with weak demand, cautious buying, and growing discounts at trade levels leading to bearish sentiment. Additionally, ongoing global economic uncertainties and concerns regarding the safeguard duty may further weigh on market sentiment. Export demand remains muted post-Eid, and domestic buyers may continue to delay purchases, waiting for clearer market signals.
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