Steel weekly trends (week ended 3 July 2026): India flat steel prices holds firm while rebar extends decline to six-month low

Research evidence excerpt

Steel weekly trends (week ended 3 July 2026): India flat steel prices holds firm while rebar extends decline to six-month low

Global Markets Research

6 July 2026India steel

EQUITY: METALS & MINING

Steel weekly trends (week ended 3 July 2026) Research Analysts

India Metals & Mining

India flat steel prices holds firm while rebar extends Jashandeep Singh Chadha - NFASL

jashandeep.singhchadha@nomura.comdecline to six-month low

+91 22 40374124

Flat steel prices in India hold steady, while rebar extends sharp correction

Global steel prices eased slightly during the week ended 3 July 2026, while India HRC

prices held firm, continuing to outperform the weakness in long products. Domestic HRC

prices in India remained unchanged at INR58,200/t, while rebar prices declined

sharply further by INR1,250/t w-w to INR49,900/t. The latest rebar correction has

pushed the prices below the INR50,000/t level for the first time in CY26, reaching its

lowest level in six months. Consequently, the domestic flat-long spread widened to over

INR8,000/t, supported by sustained resilience in HRC prices over the rebar prices.

Despite the recent correction, India’s HRC spot margin in June 2026 stood at

~INR34,285/t, down by over INR650/t m-m, but remains well above the median margin

level observed over the past two years.

In China, prices remained firm during the week, as export HRC declined by USD5/t w-w

to USD510/t, while domestic HRC prices fell by USD3/t w-w to USD486/t. Export

margins moderated by USD4/t w-w to USD215/t and domestic margins declined by

USD4/t w-w to USD172/t, due to lower realizations.

Meanwhile, in Europe, HRC prices fell by EUR5/t w-w to EUR685/t, continuing to trade

above recent averages – around EUR80/t above 3Q and EUR25/t above 4Q levels. EU