Steel prices rise with robust demand and raw material spike

27 Sep 2023 CW Team

Steel prices in India had begun to strengthen. The report noted that long and flat prices had increased by 10% and 4%, respectively, over the course of the past two months. The report attributed this price surge to robust domestic demand and the recent surge in raw material prices. The report further explained that the domestic market had tightened due to a weaker monsoon and seasonal restocking, which allowed for price increases despite sluggish regional prices. In the past month, seaborne iron ore and coking coal prices had surged due to a combination of increased demand and supply issues.

The report anticipated that steel margins would strengthen in the short term, but it cautioned that cost inflation would necessitate further price hikes to maintain those margins. During the second quarter of FY24, domestic hot-rolled coil (HRC) prices had risen by 4%, while rebar prices had gone up by 10%.

It was observed that domestic prices were currently trading at an 8-10%premium to import parity levels, as Chinese export prices had remained relatively stable during this period.

Domestic steel demand had grown by 17%in August 2023 and by 13%in the first five months of FY24, surpassing Kotak's estimate of a 9% year-on-year growth in FY2024E. In the past month, seaborne iron ore and coking coal prices had increased by 5% and 24%respectively.

Iron ore prices had risen due to several factors, including the absence of steel production cuts in China, a three-year low in iron ore inventory at Chinese ports, and positive sentiment following stimulus measures related to the Chinese property market. Meanwhile, coking coal had witnessed increased demand in key markets, particularly India, coinciding with reduced supply from Australia, Canada, and Russia, resulting in a significant tightening of the market balance.

Real Estate

03 Apr 2026

Loomcraft Enters South India with Kerala Store Launch

Loomcraft has launched its exclusive store in Kerala, marking its entry into South India and a key step in its nationwide expansion strategy. The move targets a region driven by tourism and premium real estate demand, where outdoor spaces play a central role in hospitality and residential experiences.Kerala’s growing base of luxury resorts, boutique hotels, villas and gated communities has created strong demand for specialised outdoor furniture. However, the region has remained underserved, with buyers relying on imports or generic products not suited to humid, coastal and monsoon-heavy cond..

Mild Steel Prices Seen Rising to Rs 61,000 Per Tonne

Mild steel prices in India, currently around Rs 58,000 per tonne, are expected to rise to nearly Rs 61,000 per tonne in April, indicating an increase of about Rs 3,000 per tonne. The anticipated rise reflects structural pressures driven by geopolitical tensions, energy constraints and limited raw material availability.Ongoing global conflict has disrupted energy markets, leading to LNG shortages that are affecting domestic steel production. Small and mid-sized manufacturers, particularly those dependent on gas-based processes, are witnessing production cuts due to constrained energy supply, re..

Vedanta Expands Transgender Workforce to 75 Employees

Vedanta has strengthened its commitment to workplace inclusion by employing 75 transgender individuals across its businesses, including Vedanta Aluminium, Hindustan Zinc, Sesa Goa, FACOR and Cairn Oil & Gas. The initiative reflects sustained hiring efforts since 2022 to build equitable opportunities across operations, corporate and technical roles.Transgender employees are engaged in functions such as operations, finance, logistics, HR, CSR, healthcare and security, with provisions for internal mobility to support career progression. The company has implemented structured policies, includi..