Politics · India Bureau
India's steel prices surge to four-year peaks on raw material costs
Indian domestic steel prices have climbed to their highest levels since mid-2022, driven by elevated coking coal costs and strengthening post-monsoon demand. The upward momentum is expected to persist through the remainder of the fiscal year.
LSN India ·
Steel prices in India have reached four-year highs as surging raw material expenses, particularly imported coking coal, combine with rising seasonal demand to push valuations sharply higher. Hot rolled coil (HRC) and cold rolled coil (CRC)—two of the most widely used flat steel products—are currently quoted at Rs 64,000 per tonne and Rs 75,000 per tonne respectively, levels last recorded in June 2022.
Since the start of August, HRC and CRC prices have climbed by Rs 6,000 and Rs 8,500 per tonne respectively, according to market analytics firm BigMint. The pair opened August at Rs 58,000 per tonne and Rs 66,500 per tonne, highlighting the sharp month-on-month acceleration.
The rally has been underpinned by a dramatic surge in coking coal, a critical steelmaking input. International coking coal prices have surged approximately USD 65 per tonne to reach USD 305 per tonne within a single month, placing additional pressure on Indian steel manufacturers who depend heavily on imports.
Industry analysts attribute the price surge to the dual impact of elevated input costs and post-monsoon demand recovery. BigMint expects the upward pricing trajectory to continue through the remainder of the current fiscal year, suggesting sustained pressure on steel valuations in coming months.