India: Trade-level HRC prices stay stable w-o-w amid sluggish demand, festive slowdown

• HRC prices hold firm, CRC sees marginal decline
• Sluggish demand, festive lull keep market rangebound

Trade-level prices of hot-rolled coils (HRCs) in India stayed firm w-o-w at INR 48,000-50,200/t ($541-566/t). However, cold-rolled coil (CRC) prices showed a slight downtrend w-o-w, with prices ranging between INR 54,000-58,300/t ($609-657/t).

BigMint’s benchmark assessment (bi-weekly) for HRCs (IS2062, Gr E250, 2.5-8 mm/CTL) decreased marginally by INR 100/t ($1/t) w-o-w to INR 49,100/t ($553/t) on 23 September 2025 against INR 49,200/t ($554/t) on 16 September. Similarly, CRC (IS513, Gr O, 0.9 mm/CTL) prices inched down slightly by INR 100/t ($1/t) w-o-w to INR 56,000/t ($631/t) on Tuesday against INR 56,100/t ($632/t) a week ago. These prices are ex-Mumbai for the distributor-to-dealer segment and exclude 18% GST.

Market updates

Indian HRC market sentiments sluggish: The Indian HRC market finds itself in a period of sluggish demand, where procurement is happening only as needed, with no major restocking in sight. Moreover, “Buyers are cautious, purchasing strictly to meet immediate requirements rather than investing in bulk. The anticipated recovery in demand, once expected to lift the market, now seems unlikely in the near future”, a market participant informed Bigmint.

Adding to the uncertainty, recent GST cuts introduced on 22 September have left the market in a state of flux as traders are watching closely, waiting to gauge how these changes will affect pricing and purchasing behaviour in the coming weeks. Additionally, the festive season of Durga Puja, which is currently underway, has cast a shadow over trade activity, particularly in the East.

Import volumes: India’s bulk imports of HRCs touched 359,874 t as of 20 September, based on vessel line-up data. Around 214,104 t of additional cargoes are expected by mid-October.

Export volumes: India’s bulk exports of HRCs touched 101,523 t as of 20 September and around 85,850 t of additional cargo are being shipped.

Outlook

The Indian HRC market is likely to remain range-bound in the near term, weighed down by festive slowdown, cautious procurement and GST-related ambiguity.