Steel prices hit lowest since 2020: What's happening?
Steel prices in India have hit their lowest point since 2020, with hot-rolled coil now at ₹47,150 and rebar around ₹46,500-47,000 per ton.
The main reasons? A flood of cheaper imports and weak export demand and global oversupply, despite government efforts to slow things down.
India's actually been importing more steel than it exports for half a year now.
Steel imports outpacing exports
Steel imports jumped to 0.79 million tons in September 2025—with imports from Korea, Russia, and Indonesia increasing—even as imports from China and Japan dropped.
And while India's own steel exports grew by 40% in the first half of this financial year, imports still outpaced them.
Local steelmakers feel the pinch
With local steelmakers feeling the pinch, the Ministry of Steel is holding an "open house" on October 27 to hear concerns about rising imports.
Meanwhile, the RBI wants new policies to help Indian steel stay competitive.
Raw material costs haven't budged much either, so mill margins remain tight—and experts say this pressure could last through December unless things turn around soon.