India's HRC imports rise nearly 40% m-o-m in Apr'26 while exports lose momentum

• Imports rise as price gap narrows, boosting bookings
  
  
• Exports drops due to disruptions, costs, weak demand
  
  

Bulk hot-rolled coil (HRC) imports into India in April 2026 amounted to around 348,901 tonnes (t), marking an increase of 28.1% y-o-y from 272,258 t in April 2025, as per BigMint's vessel line-up data.

However, the same increased by 37.9% m-o-m compared to 252,877 t in March 2026. Towards the end of the previous month, the gap between landed costs and domestic HRC prices narrowed significantly, making imports relatively more viable. This improved price parity triggered a pickup in bookings, which subsequently translated into higher shipments in April.

In April, South Korea, Japan and China continued to be the top three bulk HRC exporters to India, shipped around 93,707 t, 88,757 t, and 75,150 t respectively. Additionally, imports from South Korea dropped by 18% m-o-m compared to March. However, shipments from Japan and China increased by 42% and 70% respectively.

In the late-March'26 import offers from both FTA and non-FTA countries were nearly at par, creating a level playing field for buyers. This pricing alignment encouraged higher shipments, particularly from key suppliers like China and Japan, as Indian buyers found imported material more accessible.

However, in the month of April landed cost of HRC from FTA and non-FTA countries stood at INR 64,000/t ($673/t) and 64,200/t ($674/t) respectively. Meanwhile, in the domestic market, the trade level, HRC prices rose by INR 2,500/t ($26/t) m-o-m in April to INR 59,100/t ($621/t), up from INR 56,600/t ($594/t) in March.

Export volumes drop m-o-m

India's bulk HRC export volumes dropped by around 49.4% m-o-m in April to 146,721 t compared to 290,071 t in March. However, export volumes increased by 32% y-o-y from 111,248 t shipped in April 2025.

India's export volumes declined during the month as shipping disruptions via the Red Sea-Suez route forced longer voyages, raising costs and delays. Weak competitiveness and ongoing Middle East tensions further dampened sentiment, due to the escalating tensions in Strait of Hormuz with limited HRC export offers and subdued trade activity.

Outlook

As domestic HRC prices start to ease, buyer preferences may begin to shift. Lower local prices could make imports less attractive, potentially leading to a decline in import volumes. At the same time, ongoing geopolitical issues may continue to disrupt trade routes and supply chains, keeping uncertainty in the market. With these factors at play, the market may remain volatile in the near term, as buyers and sellers are likely to stay cautious.