Indian steel prices in October 2025 showed a downward trend amid slowdown in trade momentum and the rapid buildup of inventories ahead of the festive season, although a trend reversal in the form of gradual resurgence in market momentum after the festive holidays was witnessed toward the end of the month. 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 fourth consecutive month in October. However, in contrast with the INR 2,000/t expansion in September, the spread narrowed to INR 800/t in October. While weighted average HRC prices declined by INR 1,200/t m-o-m in October (or 2.5% m-o-m), rebar prices stayed flat.
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