India’s steel industry remained resilient in H1CY’26 as it faced a major stress test with the Middle East conflict triggering a sharp rally in crude oil and natural gas prices, lifting freight and energy costs across the steel value chain. Steel production and consumption increased in H1CY’26, albeit at a slower pace, while exports surged. Although imports rose, steel prices recovered to near three-year highs — a divergence from H1CY’25 when prices hovered near four-year lows as steelmakers struggled to gain pricing power amid elevated volumes of low-priced imports.
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