BigMint’s benchmark assessment (bi-weekly) for HRCs (IS2062, Gr E250, 2.5-8 mm/CTL) remained stable w-o-w at INR 51,300/t ($601/t) on 19 April 2025. Similarly, CRC (IS513, Gr O, 0.9 mm/CTL) prices remained stable w-o-w at INR 58,500/t ($685t). These prices are quoted ex-Mumbai for the distributor-to-dealer segment and exclude 18% GST.
Market updates
Market sees falling demand: Buying interest in the market remains subdued, with distributors actively pursuing buyers amid limited inquiries. Price acceptance is largely concentrated at the lower end of the current range.
Distributors anticipate that mills may introduce price support measures to counter the sluggish market momentum.
“The market remains weak, with minimal inquiries observed. Recent price hikes have been largely rejected, and transactions are being executed predominantly at the lower end of the price range,” a market participant noted.
Import trends: India’s bulk imports of HRCs and plates touched 93,459 t as of 14 April, based on vessel line-up data from BigMint. Another 82,733 t are expected this month.
Export trends: Indian hot-rolled coil (HRC, SAE1006) export offers to the European Union (EU) remained stable due to subdued demand attributed to the Easter holidays. Offers to the Middle East (ME) were absent amid declining Chinese offers. Indian HRC export offers to Europe held steady, hovering around $630-635/t CFR Antwerp. A transaction of approximately 5,000 t was reportedly concluded at $650/tonne CFR Antwerp last week.
Outlook
The domestic HRC and CRC markets are expected to remain under pressure amid weak buying interest. Softening demand and cautious sentiment, evidenced by profit-booking, will likely persist.
Leave a Reply