India steel: India rebar prices rebounds after prolonged weakness while flat pricing remains resilient

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India steel: India rebar prices rebounds after prolonged weakness while flat pricing remains resilient

Global Markets Research

26 July 2026India steel

EQUITY: METALS & MINING

Steel weekly trends (week ended 24 July 2026) Research Analysts

India Metals & Mining

India rebar prices rebounds after prolonged weakness Jashandeep Singh Chadha - NFASL

jashandeep.singhchadha@nomura.comwhile flat pricing remains resilient

+91 22 40374124

Flat steel prices remains firm, while rebar snaps losing streak

Global steel prices remained firm during the week ended 24 July 2026, with India HRC

prices showing resilience despite marginal correction, while rebar prices recorded first

weekly gain after extended decline. Domestic HRC prices in India declined by INR50/t

at INR57,800/t, while rebar prices rebounded by INR350/t w-w to INR48,300/t,

marking the first improvement after a prolonged three-month correction. Despite the

correction, the domestic flat-long spread remains positive at over INR9,500/t, supported

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

July 2026 stands at ~INR34,609/t, improving marginally by ~INR324/t m-m.

In China, prices declined during the week, as export HRC eased by USD5w-w to

USD495/t, while domestic HRC prices fell by USD4/t w-w to USD485/t. Export margins

remained firm at USD212/t and domestic margins fell by USD5/t w-w to USD164/t, due to

lower realizations.

Meanwhile, in Europe, HRC prices increased by EUR10/t w-w to EUR695/t, around

EUR10/t below the 1QFY27 average. EU margins increased by EUR15/t w-w to

~EUR446/t amid lower cost and higher realizations.

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