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Indian steel prices are set to rise further by ~₹3,500/tonne in the coming weeks

ICICIdirect Research 09 Sep 2026 DISCLAIMER

News: As per Reuters and ET, Indian steel prices are set to rise further by ~₹3,500/tonne in the coming weeks because of post-monsoon demand recovery in the infrastructure and automotive sectors, along with higher coking coal prices. Hot rolled coil prices have already recovered by ~₹4,000/tonne from August through early September, supported by planned plant maintenance shutdowns and low distributor inventories.

View: This potential move could help domestic steel manufacturers cushion against rising input costs and help in margin sustainence. However, going forward, price hikes can see pause or marginal cuts as rising imports could limit domestic steel pricing power. Thus, a constructive outlook for the long term. On the other hand, this upmove is positive in short term and can lead to better operating margins for domestic players like SAIL, Jindal Steel, Tata Steel and JSW Steel.

Impact: Positive

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