Steel prices cross past peak of 2018

04 Dec 2020 CW Team

The price for hot-rolled coil (HRC)—a benchmark steel product now stands at Rs 47,500–Rs 47,800. That is higher than the peak of HRC in Nov 2018. All this is on the back of rising domestic demand and iron ore prices, increasing international prices, lowered production and limited imports.

Iron ore prices are soaring due to due to higher Chinese demand and supply shortage. China mainly imports higher-grade iron ore from Australia and Brazil however Covid-induced disruptions created a supply shortage of iron ore in the global market. But the demand from China continued to be robust.

According to CARE ratings report better export realisations prompted Indian miners to export huge quantities of iron ore despite a sharp fall in domestic production. Lower domestic production and higher exports have resulted in a severe scarcity of iron ore in the domestic market and have sent iron ore and steel prices higher.

According to the Federation of Indian Mineral Industries (FIMI), iron ore exports in 2019-20 rose to 36,623.71 tonne from 16,198.90 tonne in 2018-19. Export to China rose to 31,605.05 tonne from 12,153.28 tonne. According to China's customs data, shipments of the iron ore from India were approximately 20 mt during January-June this year. This was the highest since India shipped out 27.8 mt in the first half of 2012.

Reportedly international iron ore was at $83 in April and is at $130 now—almost at a new six-year high.

The rising trend in the domestic price of steel is expected to continue till there is a tight demand and supply situation, as demand is improving faster than production and till supply of iron ore becomes regular in the domestic market and secondary steel producers resume normal production.

Also read: Global mining outlook “stable”

Steel firms have increased prices by Rs 2,500 a tonne effective December. These prices are beyond peak levels for 2018. From December 1, prices have been increased by Rs 2,500–2,750 a tonne for flat steel. JSPL has increased long product prices about Rs 1,000 a tonne.The price for hot-rolled coil (HRC)—a benchmark steel product now stands at Rs 47,500–Rs 47,800. That is higher than the peak of HRC in Nov 2018. All this is on the back of rising domestic demand and iron ore prices, increasing international prices, lowered production and limited imports. Iron ore prices are soaring due to due to higher Chinese demand and supply shortage. China mainly imports higher-grade iron ore from Australia and Brazil however Covid-induced disruptions created a supply shortage of iron ore in the global market. But the demand from China continued to be robust.According to CARE ratings report better export realisations prompted Indian miners to export huge quantities of iron ore despite a sharp fall in domestic production. Lower domestic production and higher exports have resulted in a severe scarcity of iron ore in the domestic market and have sent iron ore and steel prices higher.According to the Federation of Indian Mineral Industries (FIMI), iron ore exports in 2019-20 rose to 36,623.71 tonne from 16,198.90 tonne in 2018-19. Export to China rose to 31,605.05 tonne from 12,153.28 tonne. According to China's customs data, shipments of the iron ore from India were approximately 20 mt during January-June this year. This was the highest since India shipped out 27.8 mt in the first half of 2012.Reportedly international iron ore was at $83 in April and is at $130 now—almost at a new six-year high.The rising trend in the domestic price of steel is expected to continue till there is a tight demand and supply situation, as demand is improving faster than production and till supply of iron ore becomes regular in the domestic market and secondary steel producers resume normal production.Also read: Global mining outlook “stable”

Infrastructure Energy

17 Dec 2025

Vedanta Aluminium Uses 1.57 bn Units of Green Energy in FY25

Vedanta Aluminium, India’s largest aluminium producer, recently reported consumption of 1.57 billion units of renewable energy in FY25, marking a significant milestone in its 2030 decarbonisation roadmap. The company also achieved an 8.96 per cent reduction in greenhouse gas (GHG) emissions intensity compared to FY21, reinforcing its leadership in India’s low-carbon manufacturing transition. During FY25, Vedanta Aluminium expanded its renewable energy portfolio through long-term power purchase agreements, strengthening its strategy to source nearly 1,500 MW of renewable power over the lon..

Real Estate

17 Dec 2025

Oberoi Group to Develop Luxury Resort at Makaibari Tea Estate

EIH Limited, the flagship company of The Oberoi Group, has announced the signing of a management agreement to develop an Oberoi luxury resort at the iconic Makaibari Tea Estate in Darjeeling. The project marks a key milestone in the Group’s long-term strategy of creating distinctive hospitality experiences in rare and environmentally significant locations. Established in 1859, Makaibari is one of the world’s oldest tea estates and is globally recognised for its Himalayan landscape, primary forests and exceptional biodiversity. Spread across 1,236 acres, the estate houses one of the world�..

Real Estate

17 Dec 2025

GHV Infra Secures Rs 1.09 Bn EPC Order in Jamshedpur

GHV Infra Projects Ltd, a fast-growing EPC company in India’s infrastructure and construction sector, has recently secured a Rs 1.09 billion work order in Jamshedpur, Jharkhand. Awarded by a reputed group entity, the contract covers end-to-end civil construction, mechanical, electrical and plumbing (MEP) systems, along with high-quality finishing works for a large building development. The project will be executed over a 30-month period, with defined benchmarks for quality, safety and timely delivery. The order strengthens GHV Infra’s footprint in Jamshedpur, a key industrial hub known fo..