India steel: Steel weekly trends (week ended 17 July 2026)

Research evidence excerpt

India steel: Steel weekly trends (week ended 17 July 2026)

Global Markets Research

20 July 2026India steel

EQUITY: METALS & MINING

Steel weekly trends (week ended 17 July 2026) Research Analysts

India Metals & Mining

India flat steel logs another decline while rebar extends its Jashandeep Singh Chadha - NFASL

jashandeep.singhchadha@nomura.comdowntrend

+91 22 40374124

Flat steel extends mild correction, while rebar weakness deepens

Global steel prices remained firm during the week ended 17 July 2026, with India HRC

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

Domestic HRC prices in India declined by INR200/t at INR57,850/t, while rebar

prices fell further by INR1,300/t w-w to INR47,950/t, reaching its lowest level in CY26.

Despite the correction in flats, the domestic flat-long spread widened to over INR9,900/t,

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

margin in July 2026 stands at ~INR34,500/t, improving marginally by ~INR220/t m-m.

In China, prices declined during the week, as export HRC remained unchanged w-w at

USD500/t, while domestic HRC prices edged up USD2/t w-w to USD489/t. Export

margins remained firm at USD211/t and domestic margins were broadly stable at

USD169/t, despite elevated domestic coking coal costs.

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

below the 1QFY27 level. EU margins remained largely stable at ~EUR430/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 USD10/t w-w to USD230/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