India steel: Steel weekly trends (week ended 26 June 2026)

Research evidence excerpt

India steel: Steel weekly trends (week ended 26 June 2026)

Global Markets Research

29 June 2026India steel

EQUITY: METALS & MINING

Steel weekly trends (week ended 26 June 2026) Research Analysts

India Metals & Mining

India flat steel prices remain resilient while rebar falls to Jashandeep Singh Chadha - NFASL

jashandeep.singhchadha@nomura.comsix-month low

+91 22 40374124

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

further

Global steel prices remained largely stable during the week ended 26 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

INR58,200/t, while rebar prices declined sharply further by INR850/t w-w to

INR51,150/t. The latest rebar correction has pushed prices to their lowest level in CY26,

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 ~INR34,276/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.

In China, prices remained firm during the week, as export HRC remained at USD515/t

while domestic HRC prices fell by USD6/t to USD491/t. Export margins were broadly

stable at USD220/t and domestic margins declined by USD5/t w-w to USD179/t, due to

lower realisations.

Meanwhile, in Europe, HRC prices remained constant at EUR690/t, continuing to trade