India: Trade-level HRC prices remain range-bound w-o-w amid monsoon, festive slowdown

• Labour shortages emerge, delaying restocking
• Ample supply reduces urgency for fresh purchases

Trade-level prices of hot-rolled coils (HRCs) in India remained range-bound w-o-w at INR 49,000-51,000/tonne (t) ($560-582/t). Similarly, cold-rolled coil (CRC) prices held steady w-o-w, ranging within INR 55,300-59,000/t ($631-673/t). The monsoon and key festive holidays impacted trade activity.

BigMint’s benchmark assessment (bi-weekly) for HRCs (IS2062, Gr E250, 2.5-8 mm/CTL) fell by INR 300/t ($3/t) w-o-w to INR 49,700/t ($567/t) on 26 August 2025 against INR 50,000/t ($570/t) on 19 August 2025. However, on the other hand, CRC (IS513, Gr O, 0.9 mm/CTL) prices held stable w-o-w at INR 57,000/t ($650/t) on Tuesday. These prices are ex-Mumbai for the distributor-to-dealer segment and exclude 18% GST.

Market updates

Indian HRC market shows weak sentiment: The Indian HRC market reflected a softer tone this week, with demand declining. Seasonal disruptions from the ongoing monsoon and upcoming festivals, including Ganesh Chaturthi, slowed trade activity. Market participants also cited “labour shortages across key consuming regions as further weighing on sentiments and delaying restocking decisions”.

Moreover, “ample stock availability in the trade market, supported by sufficient inventory levels, has also reduced the urgency for fresh buying, keeping overall demand subdued”, a source informed BigMint.

Import volumes: India’s bulk imports of HRCs touched 290,767 t as of 23 August, based on vessel line-up data. Around 229,139 t of additional cargoes are expected by the second week of September.

Export volumes: India’s bulk exports of HRCs touched 107,085 t as of 23 August, based on vessel line-up data with BigMint. Moreover, around 47,855 t of additional cargo are being shipped.

Outlook

The Indian HRC market is likely to remain range-bound in the coming week, with trade activity expected to stay sluggish until the end of the monsoon and festive period. Additionally, sufficient inventory levels in the trade market, coupled with muted restocking appetite, will keep buying sentiment restrained in the short term.