India Steel Prices Climb to Four-Year High as HRC and Rebar Strengthen

Indian steel prices have climbed to a four-year high despite seasonal weakness, supported by robust domestic demand and tighter supply conditions. Hot-rolled coil (HRC) prices reached around ₹62,000 per tonne for the week ended September 4, up 25% year-on-year and about 6% from June levels. Rebar prices stood near ₹57,000 per tonne, marking a 20% annual increase. HRC prices have benefited from strong automotive demand, while maintenance shutdowns at steel plants have tightened rebar availability during the seasonally softer construction period. India’s domestic steel demand grew 6.8% year-on-year in July and 7.9% during the first four months of FY27, helping mills maintain healthy capacity utilisation. The stronger pricing environment, combined with softer iron ore costs, is improving margins and the near-term earnings outlook for domestic steelmakers. However, cheaper Chinese imports, rising coking coal costs and upcoming domestic steel capacity additions remain key risks to further price gains.