India Steel Index Extends Downtrend as Market Stays Subdued

Snapshot

India’s steel market continued to face pressure in early October 2025, with BigMint’s India Steel Composite Index touching a near five-year low. The decline was driven by weak construction demand, persistent monsoon rains, and a sluggish festive season that limited restocking activity.

Flat Steel Performance

• Hot Rolled Coil (HRC): Prices slipped by ₹600 per tonne week-on-week to around ₹48,500/t.

• Cold Rolled Coil (CRC): Marginal dip to ₹55,900/t, reflecting lower automotive and appliance sector demand.
  Rising imports during September added to the pressure on domestic mills, capping any recovery attempts.
  
  

Long Steel Performance

• Blast Furnace (BF) Rebar: Gained ₹400/t to ₹47,200/t on selective restocking.
  
  

• Induction Furnace (IF) Rebar: Remained muted, with rainfall and holidays slowing site activity and keeping inventories elevated.
  
  

Market Outlook

The near-term outlook remains cautious as participants await post-festive policy cues and infrastructure project restarts. A clearer revival in pricing is expected only if construction activity improves and domestic offtake strengthens toward year-end.