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Indian steel demand rises 7.8 percent as long prices rebound
The Economic Times··29 Aug
Domestic steel demand grew 7.8 percent yoy in YTDFY27 after 7.7 percent growth in FY2026. Long steel prices recovered by 12 percent over the past month after a June-July correction. Spot primary rebar reached Rs 53,900 per ton and secondary rebar Rs 47,900 per ton. Exports rose 35 percent to 2.3 million tons while imports hit 2.8 million tons.
Prism
What It Means For You
- Builders buying rebar face prices about Rs 5,600 per ton higher than a month ago, though still about Rs 6,000 below April 2026 highs.
- Flat-steel buyers see domestic HRC at Rs 58,800 per ton, roughly a 3 percent discount to import parity.
- Non-integrated mills get some cost relief from iron ore fines prices down about 7 percent from June exit levels.
What's Happening
- The report said consumption trends remain supported by industrial and infrastructure activity.
- Anti-dumping investigations into imports are underway and are expected to keep inbound volumes in check.
- Coking coal prices rose about 5 percent over first-quarter levels on China mine accidents and lower Russian output.
What the Price Rebound Leaves Unfinished
- FY2026 demand growth of 7.7 percent followed four successive years of double-digit growth.
- The report expects margins to soften in 2QFY27E before recovering in the second half as prices and operating leverage improve.
- Companies such as JINDALST and SAIL were flagged as beneficiaries of the long-steel recovery.
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