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India steel prices rise to four-year highs amid strong demand
Hot-rolled coil in India reached ₹62,000 per tonne for the week ended 4 September, up 25% year on year, while rebar at ₹57,000 per tonne was also firmer.
Steel prices in India moved higher in September, with hot-rolled coil hitting a four-year high as domestic demand held up and supply remained constrained, LiveMint Markets reported, citing Bloomberg and Nomura Global Markets Research data.
According to Nomura Global Markets Research, the spot price of hot-rolled coil reached ₹62,000 per tonne for the week ended 4 September. That was up 25% year on year and about 6% higher than June, while rebar was at ₹57,000 per tonne, up 20% year on year and only marginally lower than June.
The demand backdrop includes Joint Plant Committee data showing domestic steel demand grew 6.8% year on year in July and 7.9% in the first four months of FY27. With that momentum, Kotak Institutional Equities expects steel mill capacity utilisation to stay above 90% over the medium term.
Higher steel prices and relatively lower iron ore costs also improved margins, with Nomura Global Markets Research estimating spot HRC gross margin at ₹37,085 per tonne. The report said this was ₹815 per tonne above the Q1FY27 average, while imported coking coal prices rose about 13% in June on supply disruptions and other issues.