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Indian steel prices have softened in recent weeks, driven by seasonal demand weakness and falling global rates, particularly from China.
Prices for hot rolled coil (HRC) have fallen around 4% since late April, down to ₹52,900 per tonne by late June. Similarly, rebar prices declined by approximately ₹1,300 per tonne to ₹51,900 in the Mumbai market. The drop is mainly due to the early onset of the monsoon, which typically slows construction activity across the country.
Adding to the pressure, Chinese steel export prices have corrected by about $20 per tonne since March. Some of this surplus Chinese steel is entering India, especially under duty exemptions, increasing supply and contributing to domestic price declines.
Domestic steel demand, especially from infrastructure and automotive sectors, has also eased. India’s apparent steel consumption dropped from 12.96 million tonnes in March to 10.93 million tonnes in April, reflecting the seasonal slowdown. For FY26, analysts expect demand growth to moderate to around 7–8%, down from over 11% in FY25.
While input costs like coking coal remain stable, the recent price corrections are likely to offset earlier margin gains from reduced imports due to safeguard duties.
However, industry players expect a recovery post-monsoon, supported by policy measures like the RBI’s recent rate cuts and renewed infrastructure activity.
Also Read : India’s Iron Ore Production Rises to 289 Million Tonnes in FY2024-25 RBI Bulletin: Indian economy continues to sustain momentum of first half of FY24
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