India steel - Steel weekly trends (week ended 12 June 2026)

Research evidence excerpt

India steel - Steel weekly trends (week ended 12 June 2026)

Global Markets Research

14 June 2026India steel

EQUITY: METALS & MINING

Steel weekly trends (week ended 12 June 2026) Research Analysts

India Metals & Mining

India flat steel prices remain stable while rebar weakness Jashandeep Singh Chadha - NFASL

jashandeep.singhchadha@nomura.comintensifies

+91 22 40374124

Flat steel prices in India moderate slightly, while rebar prices sharply decline

further

Global steel prices remained largely range-bound during the week ended 12 June 2026,

while India witnessed a mild correction in flat steel prices alongside another steep decline

in long products. Domestic HRC prices in India eased marginally by INR50/t w-w to

INR58,300/t, while rebar prices declined sharply further by INR1,700/t w-w to

INR53,300/t, reflecting continued weakness in long products despite relatively stronger

momentum in flat products. Consequently, the domestic flat-long spread remained

positive, standing at over INR5,000/t, as sustained resilience in HRC prices continued to

outperform the movements in rebar prices. Despite the recent correction, India’s HRC

spot margin in June-26 (month-to-date) stands at ~INR34,280/t, down by over

INR650/t m-m so far, but still remains well above the median margin level observed over

the past two years. Margin expansion has been supported primarily by higher flat steel

prices, while input costs have witnessed a marginal uptick on a sequential m-m basis.

In China, prices remained stable during the week, with export HRC prices at USD520/t

and domestic HRC prices at USD501/t. However, domestic margins contracted by

USD3/t w-w to USD183/t amid a spike in domestic coking coal costs, while export margins

remained resilient at USD218/t.