The Indian steel market continued to weaken further in October 2025, with steel and metallics prices declining m-o-m even against the stagnant levels witnessed in September. The sustained decline in steel prices happened at a time when iron ore and coking coal prices have remained relatively firm, thereby piling pressure on producers. The Tier-1 mills had reduced list prices of HRC and CRC in early October and inventory pressure both at the trade level and in mills increased due to subdued activity during the festive period. A slight post-festive rebound has been seen in the longs segment; however, flat steel prices continue to weaken amid muted sentiments and the decline in global steel prices. Domestic prices are at 5-year lows and the bottom is still not in sight.
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