HRC, TMT steel price cut: CARE Ratings analysis

11 Mar 2021 CW Staff

After undertaking several price hikes since August 2020 domestic steel companies have cut prices of HRC and TMT bars in the range of 6-9% m-o-m in February 2021. This came on the back of a correction in iron ore prices. NMDC cut iron ore prices for the first time in seven months by 11-12% due to increased production with the restart of operations at Donimalai mines in Karnataka. The mine has the capacity to produce 0.5 million tonnes of iron ore a month.

Steel prices in China which were driving global prices higher stabilised and remained mostly unchanged during the first half of February 2021 at $ 585 per tonne due to the Lunar New Year holiday period. However, prices increased in the second half to $ 634 per tonne, indicating strong underlying demand in China.

According to the report, other than China, prices have also picked up substantially in the US and European markets since January 2021. In the US market, steel prices have climbed at a nearly 13-year high as domestic supply struggled to keep up with a rebound in demand. The average HRC prices in the US stood at $ 1,271 per tonne in February 2021, which was nearly double the HRC price in India at Rs 51,750 per tonne ($ 709/tonne). The US has a 25% tariff barrier though.

Western Europe HRC price at $ 883 per tonne, ex-works was nearly $174 per tonne higher than Indian HRC prices. An imbalance in the demand and supply is driving steel prices higher. While demand for steel has rebounded sharply supply is lagging as mills are slow in returning to their pre-covid production levels and lead times are getting longer while inventories are low.

Read the CARE Ratings report here.

Infrastructure Urban

06 Apr 2026

CFI Appoints New National Council for FY27 and FY28

The Construction Federation of India (CFI) has announced its newly elected National Council and office bearers for a two-year term covering FY27 and FY28. M. V. Satish, Advisor to CMD and Lead Ambassador for Middle East, L&T, has been elected President; Priti Patel, Chief Strategy & Growth Officer, Tata Projects, has been appointed Vice President; and Ajit Bhate, Managing Director, Precast India Infrastructures, has taken charge as Treasurer.The newly formed National Council brings together senior leaders from major EPC and infrastructure companies, reflecting CFI’s continued focus o..

India REIT Market Gains Momentum with Strong Returns

India’s Real Estate Investment Trust (REIT) market is witnessing strong growth, emerging as a competitive investment avenue both domestically and across Asia. According to a recent ANAROCK report released at EXCELERATE 2026 by NAREDCO Maharashtra NextGen, the sector is evolving into a mature asset class driven by solid fundamentals, regulatory backing and rising investor confidence.The introduction of Small and Medium REITs (SM REITs) in 2025 has further widened access through fractional ownership, unlocking a potential monetisation opportunity of Rs 670–710 billion. Indian REITs have deli..

G R Infraprojects Secures Rs 4,130 Million BESS Contract From NTPC

G R Infraprojects said it has secured a contract from NTPC to supply and implement a battery energy storage system (BESS) valued at Rs 4,130 million (mn). The company reported the order was awarded as part of NTPC's ongoing efforts to enhance grid flexibility and energy storage capacity. The contract represents a notable addition to the firm's project pipeline and underscores demand for utility scale storage solutions. The award is expected to strengthen G R Infraprojects' presence in the energy infrastructure sector and to contribute to the firm's order book and future revenues, subject to st..