India: Trade-level HRC prices soften marginally on weak demand, cautious buying
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- Benchmark HRC prices remain stable w-o-w
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- Buyers defer purchases ahead of price revisions:
India’s trade-level HRC prices softened marginally during the week ended 30 June 2026, with market offers reported in the range of INR 55,200-59,500/t ($583-629/t). Trading activity remained subdued, as slow demand and predominantly need-based procurement continued to limit overall market participation.
Meanwhile, trade-level CRC prices were assessed at INR 59,500-68,200/t ($629-721/t) during the week, reflecting similarly cautious market sentiment and muted buying activity.
BigMint’s bi-weekly benchmark assessment for HRC (IS2062, Grade E250, 2.5-8 mm/CTL) in Mumbai remained stable w-o-w at INR 58,200/t ($615/t) as of 30 June 2026.
Likewise, the benchmark assessment for CRC (IS513, Grade O, 0.9 mm/CTL) held steady at INR 65,200/t ($689/t). All assessments are ex-Mumbai and exclusive of 18% GST.
Market updates:
India’s trade-level HRC market softened marginally during this week amid subdued buying activity and cautious market sentiment. A market participant informed BigMint, “Demand remained relatively weak, while supply was slightly constrained across regions”. Trading activity slowed further as procurement was largely limited to immediate requirements, with buyers adopting a predominantly need-based approach.
Market participants reported that buyers continued to defer fresh bookings in anticipation of a potential price correction. The prevailing wait-and-watch sentiment was further reinforced by expectations surrounding steelmakers’ price announcements for next month, prompting consumers and distributors to hold back purchases until greater clarity on pricing emerges.
Additional updates:
Import volumes: India’s bulk imports of HRCs touched 209,731 t as on 26 June. Around 199,898 t of additional cargoes are expected by mid-July.
Export volumes: India’s bulk exports of HRCs touched 176,704 t as of 26 June. Around 48,550 t of additional cargoes are expected to be shipped.
Outlook:
India’s HRC market is likely to remain under mild pressure in the near term, as monsoon-related disruptions continue to dampen demand and trading activity. Moreover, market participants are expected to maintain a cautious stance ahead of mills’ July price announcements, with purchasing activity largely restricted to immediate requirements.
