- BF rebar prices rise on tight supplies, mills to undertake shutdowns in August
- IF-based steel prices strengthen amid rising raw materials prices, limited scrap availability
- HRC market sentiment remains stable as spot demand and order inflows improve
Morning Brief: BigMint’s flagship India steel composite index, a barometer of the domestic market, recorded an uptick of 0.9% w-o-w, continuing the upward momentum seen last week. Domestic steel prices trended up amid continuing tight supplies in many markets, the withdrawal of price discounts by the primary mills, cost-side support and moderate restocking demand.
While the flat steel index rose by 1.1% w-o-w, with the HRC sub-index rising by 0.9%, the longs index increased by 0.8% on the week, supported by a 1.1% rise in the rebar sub-index.
Highlights of price movements
Mills withdraw discounts for HRC: BigMint’s bi-weekly assessment for HRC (IS2062, Grade E250, 2.5-8 mm/CTL) increased by INR 300/t ($3/t) to INR 58,000/t ($610/t) w-o-w from INR 57,700/t ($607/t) on 7 August. The benchmark assessment for CRC (IS513, Grade O, 0.9 mm/CTL) increased by INR 100/t ($1/t) w-o-w to INR 65,000 ($683/t) on 7 August.
Trade-level HRC prices improved marginally in the beginning of August after leading mills withdrew the rebates offered during July. The rollback of discounts resulted in higher effective transaction prices, while market participants reported a modest increase in inquiries and bookings compared with the previous month. It was reported that buyers gradually increased purchases as expectations of stable prices through August reduced the incentive to delay bookings. But procurement still remained aligned with immediate and near-term consumption requirements.
Market participants indicated that mill order books remained relatively stable, while trade-level activity has recovered from subdued levels seen during July.
HR plate prices rebound: BigMint’s assessment for HR plate (IS 2062, Gr E250 Br, 20-40 mm) increased by INR 300/t ($3/t) w-o-w to INR 60,600/t ($636/t) in Mumbai. In Delhi, prices rose by INR 800/t ($8/t) to INR 59,500/t ($625/t), following the upward trend in the domestic HRC market. Demand remained stable throughout last week, with regular procurement from original equipment manufacturers (OEMs), passenger vehicle (PV) manufacturers, fabrication units, and heavy engineering companies.
Coated steel market improves: BigMint’s benchmark assessment for GP coil (0.8 mm/CTL, 120 GSM, IS 277) increased by INR 1,500/t w-o-w to INR 75,000/t ex-Mumbai, following the price hikes announced by major primary mills, which were reflected in the spot market. PPGI (0.5 mm/CTL, 90 GSM, IS 14246) was assessed at INR 85,000/t, up INR 900/t w-o-w from INR 84,100/t, as higher mill prices prompted traders to revise their offers. Coated steel prices increased due to the withdrawal of discounts for HRC by the major mills as well as the uptrend in zinc prices.
HRC imports rise for re-exports, exports to EU edge up: India’s bulk hot-rolled coil imports rose by 37% m-o-m to 339,040 t in July from 247,754 t in June, according to BigMint’s vessel line-up data. However, arrivals were 30% lower y-o-y than 484,879 t recorded in July 2025. The sequential increase was primarily driven by export-oriented procurement under the Advance Authorisation Scheme, while imports for the domestic spot market remained limited.
On the other hand, flat steel export bookings to the EU remained supported. Export offers to the EU increased as buyers booked material ahead of the exhaustion of the Q4CY’26 quota, while offers to the Middle East, Southeast Asia and Vietnam softened amid weaker buying interest.
BF-rebar trade prices trend higher: BF rebar trade prices increased by INR 1,000/t ($10/t) w-o-w to INR 52,000/t ($546/t) ex-Mumbai on 7 August. Trading activity improved as buyers resumed procurement amid strengthening market sentiment. Sentiment remained firm as scheduled maintenance at major integrated steel plants tightened spot availability and reduced distributor inventories. Supply-side constraints supported higher rebar prices, while buyers increased stock replenishment in anticipation of further price increases.
Project demand improved during last week, supported by increased procurement. Buying interest strengthened on expectations of stable-to-firm prices and a gradual recovery in construction activity. Infrastructure awards remained broad-based across India, with large orders concentrated in offshore energy, renewable energy, metro/urban infrastructure and steel-sector expansion.
IF rebar markets witness rise in prices: IF-route rebar prices increased by INR 100-1,100/t across markets last week. The steepest increase was recorded in Delhi primarily due to limited material availability from nearby markets such as Muzaffarnagar and Ghaziabad, where operations remained affected because of local festival-related closures. Supply tightness enabled Delhi-based mills to raise their offer prices. Although demand across the country continued to remain need-based, restricted supply enabled mills to hold firm offers. Mill inventories were assessed at around 10-15 days, while order booking visibility stayed limited to 3-5 days.
Raw materials scenario: BigMint’s Odisha iron ore index remained stable last week but pellet prices in key regions are trending higher due to maintenance shutdowns and tightened availability. South African thermal coal prices at Indian ports strengthened last week, supported by firmer international offers, higher replacement costs and firm freight rates. Domestic non-coking coal prices rose sharply amid tight availability due to monsoon-related supply disruptions. Amid limited scrap supplies, prices in key regions such as Mandi Gobindgarh remain strong.
Outlook
The domestic long steel market is expected to remain firm over the coming weeks as planned maintenance shutdowns undertaken by the major blast furnace steel producers tighten primary steel availability. Several leading steelmakers in different regions have taken their rolling mills and related facilities offline for maintenance ranging from 10 days to over one month during August. Based on confirmed figures, BF-route long steel production losses are estimated by BigMint at nearly 196,000 t in August.
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