Indian HRC/CRC Market Stays Subdued Amid Weak Demand and Rising Import Pressure

Key Highlights:

1. Flat steel prices unchanged across major trading hubs despite slow post-festive demand.
2. Buyer inquiries remain weak, while mill maintenance is restricting supply.
3. Heavy imports and cautious global sentiment continue to suppress domestic price recovery.
4. Market expected to stay range-bound, with slight downward bias unless demand improves.

Price Overview

Markets reported no change in HRC and CRC prices compared to the previous day across several regions. Flat product prices across major locations are as follows:

Demand & Supply Conditions

• The Indian HRC market continues to face weak demand, with slow inquiries and a soft trading environment following the festive season. Prices remain subdued at ₹47,000–₹49,000/MT, while supply is tightening due to ongoing mill maintenance.
• Rising imports of finished steel, especially HRC, are creating additional downward pressure. At the same time, safeguard duties and production cuts from major mills are offering limited support. Overall, the market is balancing weak demand against tightening supply, preventing a steeper price correction.

Steel News – Global HRC Sentiment

• Globally, the HRC market remains directionless, with buyers staying cautious amid weak demand. Trading activity is subdued across regions, with most buyers delaying commitments. Despite offers being available, a lack of firm orders has kept the market without clear momentum or trend.
• India’s finished steel imports fell sharply by 34.1% year-on-year in the first seven months of FY26, dropping to 3.8 million tonnes, according to provisional government data reviewed by Reuters. Despite the decline, India remained a net importer of finished steel, with South Korea leading the supplier list at 1.4 mt, followed by China, Japan, and Russia.

Market Opinion

Indian HRC sentiment remains cautious, with traders keeping booking volumes low due to weak demand and tight liquidity. While suppliers are exploring options for price hikes, heavy import inflows are limiting upward potential. Growing inventories at mills and dealerships are prompting discounts and flexible payment terms. The overall outlook remains range-bound, with a slightly negative bias unless domestic demand improves or import pressure eases.