Primary TMT Market Stays Strong; India Leads Steel Demand Despite Global Dip

Key Takeaways

• Prices Firm Across Regions: TMT rates increased in Mumbai, Delhi NCR, and Vizag due to steady infrastructure-led demand and distributor-level price hikes.
• India Defies Global Slowdown: Domestic consumption is rising, contrasting with a projected 4% global drop in steel demand due to cost and labour challenges.
• Infra Tenders Driving Demand: Rail and highway projects are pushing primary mills to full capacity with buyers securing early bookings.
• Freight and Policy Impact: High logistics costs and import duty speculation are influencing procurement decisions.
• Key Developments: Radha Smelters to acquire GVK Gautami Power with a Rs 207 crore plan. AMNS India gets land for 17.8 MTPA steel plant, pending approvals.

Primary TMT Prices

• Prices are as follows (size 12 to 32mm):
• Ex-Mumbai: Rs. 56,500- 57,000/MT 
• Ex-Delhi NCR: Rs.57,000 - 57,500/MT 
• Ex-Vizag: Rs. 54,500- 55,000/MT
• Note - Distributors across North, West and South have increased the prices. Above pricing is based on the same.

Primary TMT Demand & Supply

The global steel sector is navigating a nuanced landscape, shaped by a blend of regional developments and overarching economic conditions as in April 2025

Primary TMT News

• NCLT has approved Radha Smelters Pvt Ltd’s resolution plan to acquire GVK Gautami Power Ltd. The Rs 207 crore plan addresses dues to financial, operational, and other creditors, against total admitted liabilities of over Rs 2,759 crore.
• Steel product demand, including exports, is expected to fall 4% to 18.04 million mt due to project delays, rising costs, and labour shortages in construction.
• Structure prices remain steady to firm in both primary and secondary markets, driven by infrastructure demand and high logistics costs. Active railway and highway tenders are pushing mills to full capacity, with buyers securing prices early amid import duty speculation and freight cost pressures.
• The Andhra Pradesh government has allotted a captive port at D.L Puram to AMNS India for a proposed 17.80-MTPA integrated steel plant, pending clearances from key ministries and agencies.

Expert Opinion

India is witnessing a substantial surge in both steel production and consumption, underscoring the country's growing industrial and infrastructural development. This robust domestic demand contrasts with the broader global steel industry, which is currently grappling with a complex array of challenges. These include ongoing economic uncertainties, fluctuating trade relations among key markets, and shifting demand patterns driven by technological advancements, environmental concerns, and evolving consumer needs. As a result, while India emerges as a bright spot in the global steel landscape, the international steel sector remains in a state of cautious navigation and strategic adaptation.