India's hot-rolled coil (HRC) market remained broadly rangebound during the week ended 28 July 2026, as balanced domestic supply-demand conditions and disciplined mill pricing continued to offset cautious sentiment among downstream buyers, according to data published by Biz Trend 24 citing BigMint assessments. Trade-level HRC offers were reported in a range of INR 54,600-58,400 per tonne ($570-610/t), while BigMint's benchmark assessment for HRC (IS2062, Grade E250, 2.5-8 mm/CTL) in Mumbai eased marginally by INR 100/t ($1/t) week-on-week to INR 57,700/t ($602/t) as of 28 July. Cold-rolled coil (CRC) prices followed a similar trajectory, with BigMint's benchmark assessment for CRC (IS513, Grade O, 0.9 mm/CTL) declining by INR 100/t ($1/t) week-on-week to INR 64,900/t ($678/t) ex-Mumbai, exclusive of the 18% goods and services tax.
Market participants described trading activity as moderate throughout the week. Spot availability remained at levels consistent with balanced conditions rather than surplus, which helped underpin prices even as downstream demand showed limited strength. Buyers largely confined procurement to immediate consumption requirements, with many adopting a wait-and-see posture ahead of August pricing announcements from domestic mills.
A trader quoted in the report noted that mills have largely maintained firm offer levels and that the market is characterised by balanced supply-demand conditions rather than significant oversupply. Liquidity conditions remained somewhat tight across parts of the steel value chain, weighing on trading volumes and inventory replenishment activity. Nevertheless, firm mill pricing and controlled spot availability prevented meaningful downward pressure on HRC prices over the period.
Raw material trends were mixed and offered limited directional guidance to finished steel prices. BigMint's premium hard coking coal (PHCC) index fell by $7/t week-on-week to $243/t CNF Paradip as of 24 July, driven by slower procurement and weak steel demand. A reduction in coal costs could support steelmaker margins if demand conditions improve.
In contrast, BigMint's Odisha iron ore fines index (Fe 62%) edged up by INR 50/t week-on-week to INR 4,950/t ex-mines as of 25 July, though the move had a limited impact on HRC price levels. Market participants also continued to assess the broader implications of a definitive anti-dumping duty (ADD) imposed on low-ash metallurgical coke imports from six countries. The measure is expected to raise blast furnace input costs and lend some structural support to domestic HRC prices over time.
However, participants indicated the ADD is unlikely to materially alter import volumes in the near term, with any pass-through of higher coke costs to finished steel prices contingent on downstream demand conditions. On the trade flow front, import arrivals remained elevated. India's bulk HRC imports reached 261,618 tonnes as of 24 July, with an additional 137,137 t in expected arrivals projected by 20 August.
South Korea, China and Indonesia were identified as the leading source countries. South Korean HRC shipments to India are largely tied to long-term agreements for captive use by Korean manufacturers, insulating those volumes from near-term market swings and safeguard measures. Chinese HRC imports were driven primarily by pipe and tube manufacturers procuring material under the Advance Authorization Scheme for processing and re-export, rather than through merchant trade channels.
On the export side, bulk HRC exports stood at 230,517 tonnes over the same reference period. Indian HRC export activity remained weak, with no fresh bookings concluded during the week ended 28 July. Buyers were awaiting clarity on EU tariff-free quota availability and Carbon Border Adjustment Mechanism (CBAM) norms, while geopolitical tensions dampened demand from the Middle East and soft consumption conditions pressured offers to Vietnam.
Looking ahead, India's HRC market is expected to remain rangebound in the coming week. Trading activity is likely to stay moderate until domestic mills announce their August price revisions or rebate structures. Need-based procurement is expected to persist, while firm mill pricing and balanced domestic availability may help keep prices broadly stable.
Any rebate or price adjustment announcement could trigger limited restocking, though overall market direction will remain dependent on downstream demand trends and the pricing strategies of domestic mills rather than concerns over excess supply.
Source: biztrend24.com