India’s HRC Market Stays Balanced Amid Weak Prices and Steady Demand in November 2025
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India’s flat steel market remains steady, with no major changes in HRC and CRC prices across key cities. Demand is stable but cautious, supported by infrastructure and housing projects. While imports and maintenance shutdowns influence supply, mills may adjust output to balance weak demand and maintain pricing stability.
Key Highlights
- HRC prices steady across regions, averaging ₹50,000–52,500/MT.
- Imports at 391,856 tonnes and expected inflows may weigh on prices.
- Mills plan list price hikes amid maintenance-related supply constraints.
- Market sentiment remains cautious with a range-bound near-term outlook.
Flat Steel Prices Hold Steady Across Major Indian Markets
- Markets reported no price changes in HRC & CRC as compared to previous day in few geographical locations . The prices of flat products in various markets are as below:
| Location | HRC (₹/MT) | CRC (₹/MT) | PM Plate (₹/MT) |
|---|---|---|---|
| NCR | 52,500 | 58,500 | 53,000 |
| Mumbai | 50,000 | 59,500 | 51,500 |
| Ahmedabad | 52,000 | 60,500 | 53,500 |
| Chennai | 51,000 | 60,000 | 52,500 |
| Kolkata | 50,000 | 58,500 | 51,500 |
| Hyderabad | 52,000 | 61,000 | 53,000 |
Balanced Market with Imports Offsetting Supply Constraints
- In November 2025, India’s HRC demand is expected to be steady to slightly higher year-on-year, supported by infrastructure and housing, though short-term headwinds like construction delays may limit growth.
- Domestic supply could face temporary constraints from maintenance shutdowns, but high import volumes keep overall supply adequate. Weak demand and increased imports have put downward pressure on HRC prices.
- Mills may lower utilisation or output to manage oversupply. Overall, the market appears balanced to slightly oversupplied rather than tight.
Steel News: Mills Eye Price Hikes as Post-Holiday Demand Gradually Recovers
- HRC prices in India have shown a slight week-on-week improvement following a festive-season slowdown and weak demand. Market sentiment has turned positive as post-holiday buying activity resumes.
- Mills are considering list price hikes for November, supported by tighter supply due to blast furnace and HSM maintenance shutdowns. India’s bulk HRC imports reached 391,856 tonnes by 31 October 2025, with another 93,380 tonnes expected by mid-November.
- The combination of supply constraints and anticipated price revisions suggests a mild near-term upside for domestic HRC prices.
Expert Opinion: Cautious Outlook as Imports and Weak Demand Cap Price Gains
- The current HRC market sentiment in India is soft and cautious, with buyers avoiding aggressive purchases amid uncertain demand. Weak near-term consumption, rising import competition, and shrinking producer margins have created a wait-and-see mood.
- Market participants expect limited price movement, with HRC prices likely to remain weak or range-bound unless end-user demand from construction, infrastructure, or automotive sectors strengthens or imports ease significantly.
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