Local Indian cold rolled coil (CRC) prices have continued to gain ground over the past week, amid a tightening of supplies from re-rollers, expected base price hikes by integrated mills and moderate restocking by large industrial users despite fears of a slowdown as inflationary pressures build up in the economy.
Sources said that benchmark 0.9 mm CRC prices are up INR 1,000/mt ($11/mt) to INR 64,000/mt ($689/mt) ex-Mumbai and are at INR 67,000/mt ($721/mt) ex-Chennai in the south.
The market expects large mills to shortly announce base price hikes for April, likely to be around INR 1,000/mt ($11/mt), with producers citing rising landed costs of imported raw materials due to the war in the Middle East. At the same time, supplies from standalone re-rollers are reported with extended delivery timelines, with these mills facing a shortage of energy supplies and a decline in output levels, the sources said.
They said that, while bookings from industrial users led by the automobile industry have remained moderate riding on the back of robust passenger car sales in March 2026, a slowdown could not be ruled out from inflationary pressures based on energy shortages and higher prices.
“Till now higher steel prices have been absorbed by the market. But we are not sure whether this can be sustained amidst all-round cost pressures. A demand depression is the biggest risk facing the market now,” a Mumbai-based distributor said.
$1 = INR 92.45
