India steel: Steel weekly trends (week ended 10 July 2026)

Research evidence excerpt

India steel: Steel weekly trends (week ended 10 July 2026)

Global Markets Research

13 July 2026India steel

EQUITY: METALS & MINING

Steel weekly trends (week ended 10 July 2026) Research Analysts

India Metals & Mining

India flat steel prices loses momentum while rebar Jashandeep Singh Chadha - NFASL

jashandeep.singhchadha@nomura.comextends its downtrend

+91 22 40374124

Flat steel prices in India ease, while rebar extends sharp correction

Global steel prices remained firm during the week ended 10 July 2026, with India HRC

prices experiencing a slight decline, while the weakness in long products continued.

Domestic HRC prices in India declined by INR150/t at INR58,050/t, while rebar

prices fell further by INR650/t w-w to INR49,250/t, reaching its lowest level in CY26.

Despite the correction in flats, the domestic flat-long spread widened to over INR8,300/t,

supported by sustained resilience in HRC prices over the rebar prices. India’s HRC spot

margin in July 2026 stands at ~INR34,430/t, improving marginally by INR145/t m-m.

In China, prices declined during the week, as export HRC fell by USD10/t w-w to

USD500/t, while domestic HRC prices remained stable at USD487/t. Export margins

moderated by USD8/t w-w to USD208/t and domestic margins declined by USD5/t w-w to

USD168/t, due to higher domestic coking coal costs w-w.

Meanwhile, in Europe, HRC prices remained unchanged at EUR685/t, around EUR20/t

below the 1QFY27 level. EU margins remained largely stable at EUR429/t amid limited

cost movements during the week.

Input cost trends: global coking coal prices rise and iron ore prices remain stable

Imported coking coal prices fell USD4/t w-w to USD240/t and saw an average price of

USD238/t in 1QFY27 (up USD2/t q-q). Average coking coal prices have been trading near their