India: Trade-level HRC prices hold steady as monsoon weighs on activity

• HRC prices stable amid monsoon slowdown
• Safeguard, AD duties likely to support domestic prices

Trade-level prices of hot-rolled coils (HRCs) in India remained range-bound w-o-w to INR 49,500-51,200/t ($568-588/t). Moreover, cold-rolled coil (CRC) prices stayed stable w-o-w, ranging INR 55,200-59,100/t ($634-679/t).

BigMint’s benchmark assessment (bi-weekly) for HRCs (IS2062, Gr E250, 2.5-8 mm/CTL) held stable w-o-w to INR 50,000/t ($574/t) on 19 August 2025. Similarly, on the other hand, CRC (IS513, Gr O, 0.9 mm/CTL) prices held stable w-o-w at INR 57,000/t ($655/t) on Tuesday. These prices are ex-Mumbai for the distributor-to-dealer segment and exclude 18% GST.

Market updates

Domestic HRC prices remained stable this week as trading activity continued to be affected by monsoon rains in key markets. Demand was moderate but slightly weaker than last week, with buyers largely restricting purchases to immediate requirements.

A market participant informed Bigmint that distributors, meanwhile, are focused on maintaining sales momentum and prefer closing deals rather than risking loss of customers.

According to another market participant, “Demand recovery is still awaited, with activity yet to show clear signs of improvement”. At the same time, many buyers are beginning to recognise that trade remedial measures such as safeguard and anti-dumping duties could shape pricing dynamics over the long term.

Import volumes: India’s bulk imports of HRCs touched 250,945 t as of 19 August, based on vessel line-up data. Around 234,796 t of additional cargo are expected by early-September.

Export volumes: India’s bulk exports of HRCs touched 107,085 t as of 19 August, based on vessel line-up data from BigMint. Moreover, around 74,260 t of additional cargo is expected to be dispatched overseas.

Outlook

In the near term, India’s HRC market is likely to remain range-bound as monsoon continue to weigh on trade activity. However, demand is yet to show signs of recovery but could improve from early September as weather-related disruptions ease. Additionally, trade measures such as anti-dumping and safeguard duties are expected to support domestic players by limiting import pressure and providing price stability. That said, a meaningful uptrend will depend on how quickly demand revives in the weeks ahead.