India: Trade-level HRC prices soften marginally on weak demand, cautious buying

• Benchmark HRC prices remain stable w-o-w
  
  
• 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.