BigMint's India steel index drops w-o-w as geopolitical tensions and cost pressures ease

• HRC, CRC trade prices fall by INR 700-900/t ($7-9)
  
  
• BF rebar trade prices decline by INR 700/t ($7) w-o-w
  
  
• Prices may soften from elevated levels as ceasefire talks continue
  
  

Morning Brief: BigMint's flagship India steel composite index edged down by 0.9% w-o-w, as assessed on 24 April 2026, with domestic steel prices witnessing marginal corrections from elevated levels. As ceasefire talks in the Middle East continued and critical raw material costs softened, domestic steel prices showed a downward bias in the trade markets. Buyers turned cautious due to elevated prices and waited on the sidelines for clearer trends to emerge.

The longs index fell by 0.9% w-o-w, with the rebar index showing a sharper correction of 1.5%. The flats index slipped 1%, with HRC and CRC both declining w-o-w.

 

Highlights of price movements

HRC, CRC trade prices soften: BigMint's bi-weekly benchmark assessment for HRC (IS2062, Gr E250, 2.5-8 mm/CTL) declined by INR 700/t ($7/t) w-o-w to INR 58,400/t ($621/t) on 24 April compared to INR 59,100/t ($628/t) on 17 April. CRC (IS513, Gr O, 0.9 mm/CTL) prices were assessed at INR 65,500/t ($696/t) on 24 April, marking a w-o-w decrease of INR 900/t ($9/t) from INR 66,400/t ($705/t) on 17 April.

Market sentiments softened last week as overall trading activity slowed and demand remained sluggish, driven largely by need-based buying. Traders with inventory or liquidity pressure continued to sell at lower prices, prioritising inventory liquidation.

Market participants informed that ongoing ceasefire talks in Iran have made buyers increasingly cautious, limiting purchases to immediate requirements. Weak demand, softening input costs kept prices marginally lower.

 

Coking coal drops: BigMint's coking coal index CNF India has dropped around $10/t in the last one month. Therefore, the cost pressure on steel producers has eased somewhat which has led to a correction in steel prices.

IF rebar prices drop: Induction Furnace (IF) route rebar prices exhibited volatility and a downtrend this week across markets. Trading remained subdued, reflecting cautious sentiment. Demand was weak in both finished and semi-finished steel segments, as buyers adopted a wait-and-watch approach amid falling prices. In response, manufacturers reduced offers and extended discounts in an effort to stimulate buying. Meanwhile, mill inventory levels stood at around 8-12 days.

BF rebar edges down: Trade-level BF-rebar prices (distributor to dealer) dropped by INR 700/t ($7/t) w-o-w to INR 59,700/t ($633/t) exy-Mumbai, as per BigMint's assessment on 24 April. Buying witnessed a slowdown this week as buyers moved to the sidelines amid cautious market sentiments.

Demand remained weak with limited inquiries as buying slowed. Election-related labour shortages disrupted construction activity, delaying procurement. Buyers adopted a cautious stance amid price volatility and uncertainty.

The BF to IF rebar price spread in Mumbai widened w-o-w to around INR 8,500-9,000/t ($90-95/t) last week. IF rebar continues to dominate the market, accounting for an estimated 65-70% share.

Outlook

Assuming the fact that energy and freight volatility subsides largely with ceasefire conditions gradually returning to the Middle East and cost pressures ease, domestic steel prices are expected to gradually soften from elevated levels. Mill price actions in the beginning of May will be keenly watched: it is expected that mills may roll over prices for next month.