Indian steel prices were on a downward trajectory for much of September 2025 due to seasonal and festive slowdown affecting trade sentiment. The initial enthusiasm in the market in the beginning of September, with mills hiking prices across product categories, wore out after the first two weeks.
The spread, or gap, between domestic HRC (IS 2062, 2.5-8mm) and blast furnace-origin rebar (12-32mm, IS 1786) prices remained in positive zone for the third consecutive month in September. However, in contrast with the INR 1,800/t expansion in August, the spread grew by just INR 300/t in September. While weighted average HRC prices declined by INR 700/t m-o-m in September, rebar prices dropped a sharper INR 1,000/t.
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