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Domestic steel prices have surged to a four-year high of ₹63,800 per tonne

ICICIdirect Research 22 Sep 2026 DISCLAIMER

News: Domestic steel prices have surged to a four-year high of ₹63,800 per tonne following a ₹1,600 per tonne week-on-week increase for the week ended September 18 2026. According to BigMint, benchmark Mumbai Hot Rolled Coil (HRC) prices rose by ₹1,200 to ₹63,900 per tonne, while Cold Rolled Coil (CRC) jumped ₹1,300 to ₹73,500 per tonne, with primary producers hiking HRC rates by ₹750–1,750 per tonne and CRC by ₹1,500–2,000 per tonne. Rebar prices also rebounded by ₹2,300 per tonne week-on-week to reach ₹60,450 per tonne.

View: The price surge is heavily supported by escalating input material costs as coking coal prices climbed 22% to $283 per tonne (up from $232 in August), post-monsoon infrastructure demand and distributor restocking. This recent price hike of ~₹5000 (Month on month) signals that while escalating energy, freight and coking coal overheads establish a firm cost floor, recent price hike will only broadly cover the costs and protect margins rather than creating incremental margins, further supporting that real follow through in earnings to stand as a function of realised coking coal costs and sustained demand. Thus, we remain watchful on our coverage companies like SAIL, Tata Steel and Jindal Steel for any additional developments.

Impact: Neutral

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