Indian domestic hot and cold rolled coil prices remained steady week-on-week, holding within a narrow range as market participants cautiously await clarity on a potential safeguard duty renewal.
India’s temporary 200-day 12% safeguard duty on some flat products expired around 7 November. In August, the Directorate General of Trade Remedies (DGTR) recommended a phased three-year duty at 12% in the first year, 11.5% in the second year and 11% in the third year.
However, there has been no notification yet from the government. “The market nervously awaits this [announcement],” a trader notes.
Oversupply in key consuming regions, liquidity constraints and uneven demand recovery across end-user segments continue to weigh on sentiment. “Local market prices are trading at around INR 47,000/tonne ($531/t), but we are not seeing many sales,” says another trader.
“Infrastructure [demand] is better than last month. Even automobile [sector demand] has improved. [But the] problem is the [over]supply,” another market participant adds. Liquidity issues in government-funded infrastructure projects also persist, he notes.
In the auto sector, India’s passenger vehicle retail sales rose 86% month-on-month and 11% year-on-year to around 557,373 units in October 2025, led by compact and utility vehicle segments.
In the government infrastructure sector, central sector projects above INR 1.5 billion fell from 1,595 to 793 between June and September, while mega projects collectively rose to around INR 23 trillion in value, indicating a shift toward fewer, larger schemes.
As of Tuesday, HRC offers were flat w-o-w at INR 47,000-47,500/t ex-Mumbai domestic delivered, for IS2062/E250 BR grade. Offers continue to be around INR 47,800/t ex-Chennai in the south and INR 46,000/t in the National Capital Region, reflecting deeper discounts in oversupplied regions with slower demand.
CRC prices were similarly stable w-o-w at INR 55,000-55,500/t ex-Mumbai delivered for IS513 Grade O.
HR plate values remained at INR 49,500-50,500/t for E250/S235 base grades.
Galvanized coil prices stayed at INR 60,500-61,500/t for commercial grades (0.8mm+), and colour-coated at INR 68,500-70,500/t.
Import market activity remains muted, with no fresh HRC offers heard this week. Sources say buyers are unlikely to conclude deals before there is clarity on the safeguard duty continuation, as oversupply and high landed costs also continue to impact the market.
“Theoretical” China-origin HRC is assessed around $460/t fob China, or $484/t cfr Mumbai under advance licence, as of 10 November. CRC offers are around $515/t fob, or $539/t cfr Mumbai, with freight estimated at $24/t.
Sentiment remains subdued, and market participants suggest HRC and CRC prices could soften by INR 500-1,000/t by end-November.
