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.

Infrastructure Transport

09 Sep 2025

Patna Metro Trials Successful, Red Line Priority Corridor to Launch This Month

Patna is set to roll out its first metro rail service later this month, with successful trial runs conducted on the Red Line priority corridor, the Patna Metro Rail Corporation announced.On 7 September, a metro train completed a test run between the Patna depot and Bhootnath station. Officials said the trials involved rigorous checks of rolling stock fitness, overhead electrification (OHE), and track alignment and stability to ensure operational safety and performance.The corridor from the New Pataliputra Bus Terminal to Bhoothnath has been designated as the priority stretch and will be the fi..

India and Israel Sign Bilateral Investment Agreement to Boost Economic Ties

The Government of India and the Government of Israel signed a Bilateral Investment Agreement (BIA) in New Delhi today, marking a significant milestone in strengthening economic relations between the two nations. The agreement was signed by Union Finance Minister Smt. Nirmala Sitharaman and Israel’s Finance Minister HE Bezalel Smotrich.The signing ceremony was attended by senior officials from both governments. The BIA is expected to encourage bilateral investments, provide greater certainty for investors, and promote trade by ensuring transparent regulations, safeguards against expropriation..

President Murmu Graces EEPC India’s Platinum Jubilee in New Delhi

President of India, Droupadi Murmu, attended the Platinum Jubilee Celebrations of the Engineering Export Promotion Council (EEPC) India in New Delhi on September 8, 2025. She highlighted India’s historic role in trade and knowledge and urged EEPC to lead efforts in strengthening the nation’s position in the global economy.The President noted that India’s engineering exports have grown from USD 70 billion to over USD 115 billion in the last decade, despite global trade challenges. She commended EEPC for its role in this achievement and emphasised its importance as a bridge between interna..