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.

Real Estate

26 Jun 2026

AGM Vijaylaxmi launches Sixty3 W.E. Bizpark

AGM Vijaylaxmi Group has launched Sixty3 W.E. Bizpark, a mixed-use commercial development in Goregaon East, Mumbai. The project includes contemporary office spaces and a high-street retail component designed to support businesses, retailers and professionals.Located along the Western Express Highway, Sixty3 W.E. Bizpark is planned as a G+25-storey commercial tower. It offers office spaces ranging from 545 sq ft to 3,200 sq ft, with a 3.60 metre floor-to-floor height aimed at improving spatial comfort, natural light and operational efficiency.The project features a high-street retail boulevard ..

Manglam Group to Develop Sheraton Hotel in Jaipur

Manglam Group has signed an agreement with Marriott International to develop a Sheraton hotel on the Jaipur–Ajmer Highway in Jaipur. The project will feature 220 keys and is being developed with an investment of around Rs 3.5 billion across more than 300,000 sq ft.The hotel marks Manglam Group’s third collaboration with Marriott International and forms part of its Rs 10 billion hospitality investment roadmap. The agreement was signed by Amrita Gupta, Director, Manglam Group and CEO, Manglam Spa and Resorts, and Rajeev Menon, President, Asia Pacific excluding Greater China, Marriott Interna..

India Warehousing Show 2026 opens at YashoBhoomi

India's warehousing, logistics, and supply chain ecosystem came together as the 15th edition of India Warehousing Show (IWS) 2026 opened at YashoBhoomi, India International Convention & Expo Centre (IICC), Dwarka, New Delhi on June 25 (Thursday). Organised by RX India, the three-day event will run from 25-27 June 2026, bringing together policymakers, industry leaders, technology providers, and supply chain professionals under one roof. It also features a two-day knowledge conference that will run alongside the exhibition. Inaugurated by Pankaj Kumar, Joint Secretary - Logistics, DPIIT..