India’s finished steel consumption rose 7.5 per cent to 99.3 million tonnes during April–October 2026, outpacing growth in domestic production, according to provisional Joint Plant Committee data released by the Ministry of Steel on Thursday.
Consumption stood at 92.4 million tonnes in the corresponding period last year. In October, demand increased 6.6 per cent year-on-year to 14.3 million tonnes.
Finished steel production grew 3.9 per cent to 95.5 million tonnes during the seven-month period, while crude steel output increased 2.6 per cent to 99.1 million tonnes. Hot metal production rose 1.9 per cent to 56.3 million tonnes.
In October, crude steel production stood at 14.1 million tonnes, up 0.7 per cent year-on-year, while finished steel output increased 2.8 per cent to 13.4 million tonnes. Hot metal production declined 2.9 per cent to 7.9 million tonnes.
India’s annual crude steel capacity stood at 223 million tonnes. Seven large producers accounted for 117.4 million tonnes of capacity and produced 55.6 million tonnes of crude steel during April–October. Other producers contributed 43.5 million tonnes.
Imports rise faster than exports
India remained a net importer of finished steel during April–October, with imports rising 28.9 per cent to 4.90 million tonnes. Exports increased 15.5 per cent to 3.98 million tonnes.
The value of imports rose 49 per cent to ₹52,493.7 crore, while export earnings increased 21 per cent to ₹32,177.2 crore.
In October, imports climbed 65.8 per cent year-on-year to 0.76 million tonnes, while exports fell 32 per cent to 0.44 million tonnes. Imports were valued at ₹8,803.6 crore and exports at ₹3,913.5 crore.
Steel prices increase in October
Average steel prices across Kolkata, Delhi, Mumbai and Chennai rose in the second fortnight of October compared with September.
TMT bars of 10 mm thickness averaged ₹66,645 per tonne, up 2.1 per cent month-on-month and 26 per cent year-on-year. Hot-rolled coil prices increased 2 per cent from September to ₹77,620 per tonne, while cold-rolled coils rose 2.4 per cent to ₹87,010 per tonne. Galvanised plain sheets averaged ₹95,365 per tonne, an increase of 1.3 per cent. The prices include GST.
Among raw materials, NMDC’s Baila lump and fines iron ore prices remained unchanged at ₹5,400 and ₹4,500 per tonne, respectively. MOIL’s specified manganese ore lump price rose 5 per cent to ₹18,483 per tonne, while HMS-II scrap prices fell 3.5 per cent to ₹42,258 per tonne.
The average Nifty Metal Index declined 8 per cent month-on-month to 12,003.9 in October, while the manufacturing Purchasing Managers’ Index eased to 54.7 from 55.1 in September. The average Baltic Dry Index fell 18.5 per cent to 2,777.3.
Relief for MSMEs, expansion at SAIL
The Ministry granted an exemption from Quality Control Order compliance for 162 grades of semi-finished stainless steel products covered under IS 14650 until March 31, 2027. The measure aims to address MSME concerns and improve the availability of intermediate materials for stainless steel manufacturing.
SAIL’s sales volume increased 5 per cent year-on-year to 5.16 million tonnes in the second quarter of FY27, while profit after tax rose approximately 315 per cent to ₹1,774 crore.
The company also approved a ₹1,714-crore expansion and modernisation plan for its Alloy Steels Plant in Durgapur to increase production of high-grade alloy and special steels for the defence, railway and automotive sectors.
NMDC produced 5.04 million tonnes of iron ore in October, an 18 per cent year-on-year increase. Its cumulative April–October production rose 22 per cent to 32.32 million tonnes.
MOIL’s manganese ore sales increased 9.67 per cent to 0.78 million tonnes in the first half of FY27, while profit after tax grew 22.5 per cent to ₹149.39 crore.
Overseas cooperation and green steel certification
A delegation led by the Steel Secretary visited Sydney for IMARC 2026 and held discussions with Australian government and industry representatives on mining, steel, critical minerals, raw material security, investment and technology.
The delegation also met Invest New Zealand and Ministry of Foreign Affairs and Trade officials in Auckland to explore cooperation in investment, trade and steel. NMDC opened an office in Sydney to strengthen engagement with Australian agencies and industry partners.
Under the Ministry’s Green Steel Initiative, 108 distinct steel producers had received Green Steel Certificates through October 2026. Certified products include TMT bars, hot-rolled and cold-rolled coils, plates, wire rods and pipes, with a large majority receiving five-star ratings.
(PIB)
