India steel prices rise, protective tariffs support profit margins

LootboxPhobia · 2026-04-02T12:24:12+00:00

According to Morgan Stanley data, the prices of India’s hot-rolled coil and rebar increased month-on-month, at Rs 60,000 per ton and Rs 51,400 per ton respectively. The difference in import prices has changed, with iron ore and coking coal prices remaining stable or rising. Steel stocks outperformed the broader market, benefiting from protective tariffs.

LootboxPhobia

2026-04-02 12:24:12

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Investing.com – Based on data from Morgan Stanley, India’s domestic hot-rolled coil price rose about 4% month over month to 60,000 rupees per metric ton, up 31% from the mid-December low. Rebar prices also rose about 5% month over month to 51,400 rupees per metric ton, up 20% from the mid-December level.

At present, India’s domestic hot-rolled coil price trades at a premium of about 1% versus the import parity (including safeguard duties), while it was a discount of 4% the week before.

China’s CIF iron ore price (61% Fe) remained stable month over month at about $108 per metric ton. NMDC (National Mineral Development Corporation) domestic iron ore prices in India trade at a discount of roughly 60% versus parity. Australian hard coking coal prices rose about 1% month over month to $237 per metric ton, and were up 7% month over month.

This week, domestic steel price spreads widened by about 7%, up about 43% from the mid-December low, and about 12% higher than the peak in April 2025.

According to data from the Joint Committee on Steel, after the safeguard duties were implemented, inventory levels declined and imports have been trending downward. Morgan Stanley said that a backdrop of strong seasonal demand should be able to absorb the output increase following the recent rise in capacity.

Steel stocks outperformed the broader market in 2025, rising about 27%, while the Sensex index rose 9%. This was aided by the 12% temporary safeguard duties. Year to date, steel stocks are up about 4%, while the Sensex index is down about 14%.

The safeguard duties will remain in effect until April 2028.

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