NEW DELHI, November 6: India consumed 99.3 million tonnes (Mt) of finished steel in April–October 2026, up 7.5% from a year earlier, while steel prices in October were 26% to 34% higher than a year ago and imports surged, the Ministry of Steel said in its monthly report on Thursday. India was a net importer of finished steel by volume over the seven months.
Key highlights
- Consumption: 14.3 Mt in October (up 6.6%) and 99.3 Mt in April–October (up 7.5%).
- Production: crude steel 99.1 Mt in April–October (up 2.6%); finished steel 95.5 Mt (up 3.9%).
- Prices (October, year on year): TMT bars up 26.0%, hot-rolled coil 31.6%, cold-rolled coil 33.3% and galvanised sheet 33.6%.
- Imports: 0.76 Mt in October, up 65.8%; 4.90 Mt in April–October, up 28.9%.
- Exports: 0.44 Mt in October, down 32%; 3.98 Mt in April–October, up 15.5%.
| Measure | October 2026 | Change y/y | April–October 2026 | Change y/y |
|---|---|---|---|---|
| Finished steel consumption (Mt) | 14.3 | +6.6% | 99.3 | +7.5% |
| Crude steel production (Mt) | 14.1 | +0.7% | 99.1 | +2.6% |
| Finished steel production (Mt) | 13.4 | +2.8% | 95.5 | +3.9% |
| Finished steel imports (Mt) | 0.76 | +65.8% | 4.90 | +28.9% |
| Finished steel exports (Mt) | 0.44 | −32.0% | 3.98 | +15.5% |
| Product | Price, October 2026 (₹/tonne) | Change vs September | Change y/y |
|---|---|---|---|
| TMT bar (10 mm) | 66,645 | +2.1% | +26.0% |
| HR coil (2 mm) | 77,620 | +2.0% | +31.6% |
| CR coil (0.63 mm) | 87,010 | +2.4% | +33.3% |
| GP sheet (0.63 mm) | 95,365 | +1.3% | +33.6% |
Other points from the report
The country has crude steel capacity of 223 Mt a year. Seven large producers (SAIL, RINL, NSL, the Tata Steel group, AM/NS, JSPL and the JSW group) made 55.6 Mt of crude steel in April–October, and the public sector’s share of crude steel output was 15.5%. The ministry exempted 162 grades of semi-finished stainless steel from quality control order compliance until March 31, 2027, to ease supplies for small manufacturers. Steel scrap prices eased 3.5% in October, while manganese ore rose 5%.
Our calculation
- Consumption (99.3 Mt) grew faster than finished steel production (95.5 Mt) in April–October, and the gap was filled by imports.
- The import bill for finished steel in April–October was about ₹52,494 crore, up 49% from a year earlier, against export earnings of about ₹32,177 crore.
What it means
Strong demand from construction and infrastructure is keeping steel use growing at a healthy pace. But prices up by a quarter to a third in a year raise costs for builders, carmakers and small fabricators, and rising imports show domestic supply is not keeping up. For buyers, the key question is whether new capacity and easing raw material costs bring prices down in the coming months.
What to watch
- Steel prices in November as the construction season picks up.
- Any trade measures on imports.
TMT steel bars made at SAIL’s Durgapur Steel Plant. Image: SAIL, Durgapur Steel Plant, GODL-India, via Wikimedia Commons. Photo source · Licence
Sources
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