Nomura said global steel prices remained firm in the week ended October 23, led by Indian rebar and hot-rolled coil momentum. Rebar prices rose Rs 850 to Rs 64,950 per tonne, while HRC prices fell Rs 150 to Rs 63,700. Easing coking coal costs may now offer relief to steel producers.
Nomura said global steel prices remained firm in the week ended October 23, led by improving momentum in Indian hot-rolled coil and rebar prices. Domestic HRC prices declined Rs 150 per tonne week-on-week to Rs 63,700 per tonne, remaining near their highest level in four years. Rebar prices, meanwhile, rose Rs 850 per tonne to Rs 64,950, extending their recovery after moderation since Q1FY27. The differential between domestic flat and long steel prices turned negative at Rs 1,250 per tonne as rebar prices gained momentum and outpaced HRC. India's HRC spot margin stood at around Rs 39,095 per tonne in October 2026, up around Rs 3,000 quarter-on-quarter from Q2FY27 and Rs 1,570 month-on-month. In China, export HRC prices remained unchanged week-on-week at $505 per tonne, while domestic HRC prices fell $5 to $484 per tonne. China's export margins rose $2 per tonne to $207, whereas domestic margins declined $5 to $140 due to lower realisations even as global coking coal prices eased. European HRC prices improved by 5 euros per tonne to 750 euros, supporting a 4-euro increase in margins to 484 euros per tonne. The improvement was partly supported by easing global coking coal costs. On the input-cost front, imported coking coal prices declined $3 per tonne week-on-week to $266, around 3% below the September average. The easing followed a sharp rally driven by supply disruptions, geopolitical tensions and a fatal mine accident in China. Domestic Chinese coking coal prices remained stable at $344 per tonne and had risen more than 40% since the accident. Global iron ore prices, for 62% Fe CFR China, remained weak at $86 per tonne, the lowest level observed in 2026 year-to-date. In India, NMDC raised lump prices by Rs 150 per tonne to Rs 5,400 effective September, while fines remained at Rs 4,500 per tonne. The report points to stronger momentum in Indian long products relative to flat steel, while easing imported coking coal prices may offer some relief to producers' input costs.