Steel prices hit five-year low levels across the domestic market, trading between ₹47,000 and ₹48,000 per tonne. The decline is driven by rising imports, weak export demand, and global oversupply, according to market data from BigMint.
Price Levels Mirror 2020 Lows
Hot-rolled coil (HRC) prices are hovering around ₹47,150 per tonne, while rebar (TMT) is quoted between ₹46,500–₹47,000 per tonne in the wholesale market. The last time steel prices hit five-year low levels was in 2020, when HRC traded at ₹46,000 per tonne and rebar near ₹45,000 per tonne during the pandemic slowdown.
Exports Decline, Imports Surge
The fall in domestic steel prices is largely attributed to weak export momentum and a surge in imports. India’s steel exports have dropped sharply as countries like China push aggressively into global markets. Despite government measures to control inbound shipments, imports remain high, adding pressure on domestic producers as steel prices hit five-year low ranges.
Recognising the industry’s concerns, the Ministry of Steel has called for an “open house” meeting on October 27 in New Delhi to address issues related to steel imports and pricing.https://himalayanexpress.in/
RBI Flags Import Surge
The Reserve Bank of India (RBI) has also highlighted the increase in steel imports, linking it to lower global prices and urging policy support to improve domestic competitiveness.
In September 2025, India imported 0.79 million tonnes (MT) of finished steel, up from 0.69 MT in August, marking the sixth straight month as a net importer. Imports from Korea, Russia, and Indonesia rose, while shipments from China, Japan, Vietnam, Thailand, and Taiwan declined compared with September 2024.
During the first half of FY26, India continued as a net importer, with inbound shipments exceeding exports by 0.47 MT, even as export volumes rose 40% to 4.43 MT. The import surge has intensified pressure on the market as steel prices hit five-year low levels.
Margins Under Pressure
Even as steel prices hit five-year low points, input costs have not eased proportionately. Iron ore remains steady around ₹4,800–₹5,000 per tonne, while coking coal trades near USD 205 per tonne (CFR). The imbalance between falling finished steel prices and stable raw material costs is squeezing mill margins.https://himalayanexpress.in/
According to BigMint, producers are likely to face margin pressure in the October–December quarter due to high input costs and weak realisations. The agency expects steel prices in India to remain subdued in the near term, weighed down by high inventories, sluggish demand, and seasonal weakness. However, deeper price cuts could lead to production curbs if the steel prices hit five-year low trend continues further.
