India Steel Index Slips Further Amid Festive Lull and Weak Demand

Snapshot

BigMint’s India Steel Composite Index recorded another weekly drop of 0.5% as of October 24, 2025, reflecting continued market weakness through the Diwali holiday period. Trading activity remained muted, while steel prices stayed near a five-year low due to high inventories and subdued construction demand.

Flat Steel Segment

Flat product prices continued to soften amid limited restocking. Hot Rolled Coil (HRC) declined by ₹300 per tonne to around ₹48,000/t, while Cold Rolled Coil (CRC) dropped ₹200/t to ₹55,500/t. Mills had already reduced list prices earlier in the month by ₹750–1,500/t to stimulate sales, but buying momentum remained sluggish.

Long Steel Segment

Blast Furnace (BF) Rebar slipped ₹100/t week-on-week to ₹46,800/t ex-Mumbai, while Induction Furnace (IF) Rebar stayed largely stable across regional markets due to lower activity during the festive break.

Outlook

Although India’s overall steel consumption has grown around 8% year-on-year, oversupply and global demand uncertainty continue to weigh on domestic prices. Analysts expect a modest rebound post-Diwali as infrastructure and construction activity resume, but price recovery may stay capped by persistent global overcapacity.