Iran-Israel conflict impacts India: Steel prices soar
The Iran-Israel conflict has pushed up steel prices sharply since early March 2026, with shipping disruptions and higher oil costs adding to the squeeze.
This jump is now hitting housing construction budgets across India.
Steel prices in India
Rebar base prices in Jalna rose by ₹1,800 per ton to ₹45,500 per ton in just 2 days.
In Jalna, 12-mm rebar is up by ₹1,000 per ton since the conflict began.
Major steel mills have also raised hot-rolled coil (HRC) and rebar rates by ₹1,000 to ₹1,500 per ton this March.
Rising steel costs are adding to home construction expenses
Rising steel costs are adding to home construction expenses: think an extra ₹50 per square foot for Mumbai high-rises (over 10,000 luxury units affected), ₹40 to ₹60 per square foot more for Delhi-NCR luxury projects, and even Bengaluru's mid- to high-rise buildings are seeing a bump of ₹30 to ₹50 per square foot.
If tensions continue, rebar and HRC prices could rise even more
With supplies of Iran-origin DRI to India's west coast expected to be restricted and some shipments already put on hold and maritime routes disrupted, raw material costs are climbing further.
If tensions continue, experts warn rebar and HRC prices could rise even more; HRC could hit about ₹62,000 per ton by June, making home building pricier for everyone involved.