India: Trade-level HRC prices register decline amid weak demand, cautious buying sentiment

• Monsoon-led construction slowdown continues to weigh on demand
  
  
• Participants prioritize clearing old dues amid credit-related slowdown
  
  

India's trade-level HRC prices softened during the week ended 7 July 2026, with market offers reported in the range of INR 54,900-59,100/t ($578-623/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 58,800-68,200/t ($620-718/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 ($613/t) as of 7 July 2026.

Likewise, the benchmark assessment for CRC (IS513, Grade O, 0.9 mm/CTL) inch down by INR 200/t to INR 65,000/t ($687/t) as of 7 July 2026, ex-Mumbai and exclusive of 18% GST.

Market updates

India's trade-level HRC market stayed fairly quiet this week, with buying interest trending lower and overall market sentiment remaining cautious. "Demand stayed on the softer side, while supply was a touch tight in certain regions," a market participant told BigMint.

Inventory levels varied somewhat by region, running marginally higher in the North and a little tighter in the South, where deals largely continued on credit, though at a slower pace than last month as some players prioritized clearing older dues. Even so, trade didn't come to a standstill, with a few pockets of activity keeping things moving.

Some market participants expect prices could ease by around INR 500-1000, adding a mild undertone of caution to the market.

Additional updates

Import volumes: India's bulk imports of HRCs touched 247,754 t in June. Around 245,229 t of additional cargoes are expected by early-August.

Export volumes: India's bulk exports of HRCs touched 235,773 t in June. Around 44,250 t of additional cargoes are expected to be shipped.

Outlook

India's HRC market may stay under mild pressure in the near term, with mills offering a slight reduction in prices and monsoon-related disruptions continuing to weigh on construction activity, keeping demand and trading activity somewhat subdued.