Domestic steel prices in India have witnessed a significant uptick in recent weeks, as mills increased hot-rolled coil (HRC) prices by ₹500‑750 per tonne. The move comes amid the recently imposed safeguard duty, rising input costs, and robust export demand, according to market intelligence firm BigMint.
Since mid-December, HRC list prices have climbed between ₹3,000 and ₹5,250 per tonne, pushing trade-level prices close to ₹52,000 per tonne. The rise is being seen across major steel products, including long products, where supply remains tight. The cost pressures are driven largely by higher prices of imported met coke and other raw materials, alongside a weaker rupee, which has increased the landed cost of imports.
Export demand has also supported the price hike. Indian steel exports surged by 31% year-on-year during April to November 2025, benefiting from pre-buying by European buyers ahead of the EU Carbon Border Adjustment Mechanism (CBAM) implementation. Safeguard duty on HRC imports has further strengthened domestic pricing power, providing relief to local mills and supporting margins.
Industry experts note that while demand is gradually improving, the market is cautious. Some analysts expect that as new capacities come online and demand growth slows, the price momentum could moderate. However, for now, the combination of strong exports, policy measures, and input cost pressures has created a favorable environment for domestic steel producers.