- Safeguard duties boost HRC price surge
- Restocking fuels mid-Jan hike anticipation
Trade-level prices of hot-rolled coils (HRCs) in India increased w-o-w to INR 49,000-51,600/t ($543-572/t). Additionally, cold-rolled coil (CRC) prices showed uptick w-o-w, ranging between INR 53,500-58,700 ($593-651/t).
BigMint’s benchmark assessment (bi-weekly) for HRCs (IS2062, Gr E250, 2.5-8 mm/CTL) rose sharply by INR 1,200/t ($13/t) w-o-w to INR 51,000/t ($565/t) as assessed on Tuesday against INR 49,800/t ($552/t) on 30 December 2025.
Similarly, on the other hand, CRC (IS513, Gr O, 0.9 mm/CTL) prices increased by INR 600/t ($7/t) w-o-w to INR 57,000/t ($632/t) on 6 January 2026 against INR 56,400/t ($525/t), the last week. These prices are ex-Mumbai for the distributor-to-dealer segment and exclude 18% GST.
Market updates
Domestic HRC prices have stayed high after two price hikes in December and another increase in early January 2026. Steelmakers are raising prices following the safeguard duty announcement, supported by policy, restocking activity, and positive market expectations, even though demand is moderate.
A participant in northern India noted that “there is anticipation of another mill-led price hike in mid-January, citing positive sentiments in the market”. In this backdrop, the imposition of safeguard duties leaves room for further upward adjustment in domestic steel prices.
Import volumes: India’s bulk imports of HRCs touched 380,944 t as of 31 December, based on vessel line-up data. Around 125,188 t of additional cargoes are expected by the mid-January.
Export volumes: India’s bulk exports of HRCs touched 430,090 t as of 31 December.
Outlook
Domestic HRC prices are expected to sustain an upward bias, underpinned by safeguard duty, improving restocking activity and positive market sentiment. Anticipation of further mill-led hikes in mid-January is likely to lend additional price support and it will be interesting to watch how market trends evolve going forward.
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