India’s Flat Steel Market Stays Steady Amid Soft Demand and Lower Export Realisations

Key Highlights

1. Flat steel prices saw no change across NCR, Mumbai, Chennai, and other hubs.
2. India’s steel demand is growing 8–9% in 2025 but buying remains cautious.
3. Imports dropped 54% YoY, reducing competitive pressure on domestic mills.
4. Weak export pricing and muted global demand keep market sentiment soft.

Pricing: Flat Steel Prices Hold Steady Across All Major Indian Markets

Flat steel prices remained largely unchanged across key regions, with no revisions reported in HRC and CRC compared to the previous day. Current market levels are as follows:

• NCR: HRC ₹51,500 | CRC ₹57,500 | PM Plate ₹52,000
• Mumbai: HRC ₹47,000 | CRC ₹56,000 | PM Plate ₹49,500
• Ahmedabad: HRC ₹49,000 | CRC ₹56,500 | PM Plate ₹51,500
• Chennai: HRC ₹49,500 | CRC ₹59,000 | PM Plate ₹51,000
• Kolkata: HRC ₹48,000 | CRC ₹57,500 | PM Plate ₹50,500
• Hyderabad: HRC ₹49,000 | CRC ₹59,000 | PM Plate ₹51,000

Demand & Supply: Moderate Demand and Ample Supply Keep Market Balanced

• India’s steel demand is expanding at a healthy 8–9% in 2025, supporting stable consumption of HRC and other flat products. Demand for flats remains stronger than longs, though buying remains cautious due to a mild slowdown in manufacturing activity. 
• Supply from domestic mills is steady, while imports have dropped sharply—down roughly 54% YoY—reducing external supply pressure.
• Despite this supportive backdrop, prices remain soft as buyers avoid aggressive stocking and continue to rely on existing inventories. Overall, the market is balanced but subdued, with moderate demand against ample supply.

Steel Market News: Indian HRC Export Prices Weaken Amid Global Competition

• Indian HRC export prices weakened this week as deals in Vietnam and the Middle East closed at lower levels. 
• Exporters, despite initial attempts to maintain previous price levels, were compelled to reduce offers due to muted overseas demand and increased competition from other origins offering more attractive rates. 
• This has reduced the competitiveness of ex-India HRC in key export destinations and has created a cautious tone in the export market, with Indian mills facing pricing pressure globally.

Expert Opinion: Market Sentiment Stays Subdued With Limited Upside Potential

• Distributors remain risk-averse, with soft demand and comfortable inventory levels limiting new purchases. Domestic mills have kept December HRC prices unchanged, reflecting muted expectations for near-term demand recovery. Order activity remains modest and is driven largely by routine restocking rather than new project requirements
• The significant fall in imports offers mild support for domestic mills by reducing competitive pressure. However, both suppliers and buyers are largely in wait-and-watch mode. The overall sentiment stays subdued yet stable, with low probability of any immediate upward price movement.