India: Trade level HRC prices ease on weak demand and cautious sentiment

• Benchmark prices decline amid weak demand
  
  
• Cautious sentiment, soft input costs pressure market
  
  

Trade-level prices of hot-rolled coils (HRC) in India remained stable-to-slightly lower this week, with HRC prices assessed in the range of INR 57,300-60,500/t ($613-647/t) and cold-rolled coil (CRC) prices assessed at INR 62,000-68,800/t ($663-736/t), as cautious market sentiment continued to weigh on prices.

BigMint's bi-weekly benchmark assessment for HRC (IS2062, Gr E250, 2.5-8 mm/CTL) eased by INR 400/t ($4/t) w-o-w to INR 58,900/t ($630/t) as of 21 April, compared to INR 59,300/t ($643/t) on 14 April.

Similarly, CRC (IS513, Gr O, 0.9 mm/CTL) prices were assessed at INR 66,000/t ($706/t) on 21 April, marking a w-o-w decrease of INR 900/t ($10/t) from INR 66,900/t ($716/t) last week. These assessments are ex-Mumbai for the distributor-to-dealer segment and exclude 18% GST.

Market update

Market sentiments softened this week as overall trading activity slowed and demand remained sluggish, driven largely by need-based buying. Coking coal prices added to the downward pressure, easing $2/t w-o-w to $253/t as on 17 April from $255/t on 10 April.

Supply conditions remained mixed across regions. In the north, availability stayed slightly tight, though a trader informed Bigmint that "the shortage has failed to support prices given the lack of buying momentum". The south was relatively better placed on the supply front, with a participant noting "no constraints on availability, however, demand in the region remained bearish".

On the demand side, traders with old inventory or liquidity pressures continued to sell at lower prices, prioritising inventory liquidation to ease their finance burden. Participants further noted that ongoing ceasefire talks have made buyers increasingly cautious, limiting purchases to immediate requirements only. Overall, weak demand, softening input costs and guarded market participation kept prices stable to marginally lower this week.

Additional updates

Import volumes: India's bulk imports of HRCs touched 245,597 t as on 17 April. Around 11,593 t of additional cargoes are expected by early-May.

Export volumes: India's bulk exports of HRCs touched 111,321 t as on 17 April. Around 8,800 t of additional cargoes are expected.

Outlook

In the near term, prices can be range bound or show slight correction as supply conditions remain tight to moderate across regions, while largely need-based demand continues to anchor the market, preventing any decisive directional shift. Looking ahead, market direction will hinge on upcoming mill pricing cues and whether demand gathers enough momentum to respond meaningfully.