According to Bigmint, Steel prices across India continued to weaken this week as sluggish demand from construction projects and infrastructure work kept trading activity low. Even though many mills offered deeper discounts to attract buyers, overall sentiment in the market stayed cautious.
🔨 Rebars & Long Steel: Prices Continue to Slip
Induction furnace (IF) rebar prices fell by INR 100–1,200 per tonne in most regions. The ongoing monsoon season has slowed down construction activity, which reduced demand for rebars and structural steel. While most markets saw prices drop, Jalna was an exception, where rebar prices actually increased by INR 800 per tonne thanks to better local buying.
Buyers are still hesitant to place big orders, expecting prices could fall further if construction demand doesn’t recover soon.
⚙️ Semi-Finished Steel: Billets and Sponge Iron See Mixed Trends
Billet prices dropped by INR 100–600 per tonne across key markets, with Goa seeing the biggest fall. Sponge iron prices were mixed this week — Chennai recorded an increase of INR 700 per tonne, while some regions saw prices fall slightly by INR 50–250 per tonne. SAIL’s recent auction of 3,000 tonnes of pig iron sold at higher prices than its last auction, showing some signs of interest in select segments, but overall activity was still slow.
📏 Flat Steel: HRC and CRC Prices Decline Further
Hot-rolled coil (HRC) prices fell by up to INR 500 per tonne week-on-week, while cold-rolled coil (CRC) prices dropped by up to INR 300 per tonne. Demand in both domestic and export markets stayed weak, with mills facing fewer inquiries and slow order conversions. Large imports of HRC and plates arriving in India have added pressure to domestic prices, making it harder for mills to stabilize the market in the short term.
✅ Key Takeaways for Buyers and Contractors
- Construction activity remains muted during the monsoon, which will likely keep steel prices under pressure in the coming weeks.
- Inventory levels at mills are high, which could lead to even better deals for buyers looking to stock up.
- Securing steel from a reliable supplier now can help avoid delays when demand picks up later, and may lock in favorable prices.
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