India steel - Steel weekly trends (week ended 19 June 2026)

Research evidence excerpt

India steel - Steel weekly trends (week ended 19 June 2026)

Global Markets Research

22 June 2026India steel

EQUITY: METALS & MINING

Steel weekly trends (week ended 19 June 2026) Research Analysts

India Metals & Mining

India flat steel prices hold up while rebar weakness Jashandeep Singh Chadha - NFASL

jashandeep.singhchadha@nomura.comcontinues

+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 19 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

INR58,250/t, while rebar prices declined sharply further by INR1,300/t w-w to

INR52,000/t. The latest rebar correction has pushed prices to their lowest level in six

months as last seen in Jan-26, reflecting continued weakness in long products despite

relatively stronger momentum in flat products. Consequently, the domestic flat-long

spread remained positive, standing at over INR6,250/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

~INR34,300/t, down by over INR630/t m-m so far, but still remains well above the

median margin level observed over the past two years.

In China, prices contracted during the week, as export HRC prices declined by USD5/t

w-w to USD515/t and domestic HRC prices fell by USD3/t to USD497/t. Consequently,

export and domestic margins declined by USD3/t and USD2/t w-w to USD215/t and

USD181/t due to lower realisations and elevated domestic coking coal costs.