India: HRC prices remain range-bound amid bearish market conditions

• Need-based buying keeps HRC prices within a narrow range
  
  
• Seasonal demand weakness expected to persist in near term
  
  

Trade-level prices of hot-rolled coils (HRC) in India remained largely range-bound during the week ended 9 June 2026, with offers reported in the range of INR 56,200-59,400/t ($589-6236/t). The market continued to witness cautious buying activity, as demand was primarily driven by immediate requirements.

Meanwhile, cold-rolled coil (CRC) trade prices were reported in the range of INR 60,800-68,200/t ($638-715/t) during the week, reflecting stable market conditions amid subdued downstream demand and limited trading activity.

BigMint's bi-weekly benchmark assessment for HRC (IS2062, Gr E250, 2.5-8 mm/CTL) in Mumbai inched down by INR 100/t ($1/t) w-o-w to INR 58,300/t ($611/t) as of 9 June against INR 58,400/t ($612/t) as on 2 June. Meanwhile, BigMint's benchmark assessment for CRC (IS513, Gr O, 0.9 mm/CTL) held stable at INR 65,200/t ($684/t) over the same period. The assessment excludes 18% GST and is ex-Mumbai.

Market Update

India's trade-level HRC market remained largely range-bound this week, reflecting subdued demand and cautious buying sentiment. Although distributors in northern India reported limited availability of certain thicknesses and sizes, the supply tightness failed to generate meaningful market momentum amid weak end-user demand. Market participants also highlighted "payment collection challenges as a key concern", which continued to weigh on trading activity and limit purchases to immediate requirements.

In southern India, demand remained sluggish, though some trading activity was reported by market sources. Overall, buying interest was driven primarily by necessity-based procurement rather than restocking, keeping sentiment cautious across the market.

Meanwhile, recent list price hike announcements by major mills provided some support to offer levels, resulting in largely stable-to-range-bound quotations.

However, the absence of strong demand fundamentals continued to cap upward price movement, with market participants largely adopting a wait-and-watch approach.

Downstream auto demand remains subdued

The automotive sector offered mixed cues to the flat steel market. According to SIAM, total domestic vehicle sales declined by 5.2% m-o-m to 2.47 million units in April, while overall production fell by 1.9%, suggesting a moderation in downstream steel consumption after the stronger March performance.

Additional updates

Import volumes: India's bulk imports of HRCs touched 41,308 t as on 5 June. Around 121,692 t of additional cargoes are expected by early-July.

Export volumes: India's bulk exports of HRCs touched 59,956 t as on 5 June.

Outlook

India's HRC market is expected to remain largely muted in the coming weeks as the onset of the monsoon season is likely to further dampen construction and infrastructure-related steel consumption. While limited availability of select thicknesses and mill price hike announcements may continue to support offer levels, weak demand fundamentals, payment collection concerns, and cautious procurement are expected to restrict any significant upward movement. Market participants are likely to maintain a wait-and-watch approach, with buying activity largely confined to immediate requirements until clearer signs of demand improvement emerge.