India Metals Check Steel prices continue to inch higher; Cement struggles, Pet coke inches lower; Coal offtake weak

研报英文原文证据摘录

India Metals Check Steel prices continue to inch higher; Cement struggles, Pet coke inches lower; Coal offtake weak

11 May 2026

India Metals Check EquitiesMetals & Mining

Steel prices continue to inch higher; Cement struggles,

Pet coke inches lower; Coal offtake weak India

◆ Regional HRC steel prices remain firm and domestic prices are Pinakin Parekh*

at meaningful discounts vs imported prices SeniorHSBC SecuritiesAnalyst, Indiaand CapitalMetalsMarketsand Cement(India) Private

Limited

◆ Unlike steel, cement price hikes have struggled to gain traction; pinakin.parekh@hsbc.co.in

+91 22 40891549

c10% fall in Pet coke prices is a positive Shrikant Lakhani*

Analyst, India Metals and Cement

◆ April was another weak month for Coal as Power demand HSBC Securities and Capital Markets (India) Private

remains muted vs inventories shrikant.h.lakhani@noexternalmail.hsbc.com

+91 80 3001 4021

Regional steel prices continue to trend higher – there is scope for Indian Steel

* Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

companies to raise prices, but we expect domestic pricing to be stable for now: not registered/ qualified pursuant to FINRA regulations

HRC prices across China, Japan and Vietnam (key markets for India’s steel imports

and hence domestic prices) remain firm with HRC export prices in these markets up

6-10% in the last 1 month. Combined with the weaker INR, landed prices are now in

the INR64,000-70,000/t range. Indian steel prices saw an increase of INR1,000/t to

INR60,000/t, and while domestic prices are at a meaningful discount vs imported

prices, we do not see further hikes from here for now. Seasonally, demand tends to

slow down in the rainy season. In our view, if regional HRC prices hold up in the next