Primary TMT Prices Remain Strong as Supply Tightens; Demand May Ease Mid-April

Key Takeaways

• Primary TMT Prices Up: Rates in Mumbai and Delhi NCR have increased to Rs. 58,000–58,500/MT, while Vizag prices remain stable.
• Material Shortage Drives Pricing: Limited availability post-March buying surge is causing distributors to hike prices, though this may be short-lived.
• India’s Steel Demand Rising: Consumption is expected to grow by 8–9% in 2025, making India a top steel consumer globally.
• JSW Green Steel Investment: JSW will invest up to Rs 60,000 crore in a 10 MTPA green steel plant for EU exports to meet CBAM regulations.
• Safeguard Duty Expected: JSW’s chairman has hinted at protective measures against Chinese steel dumping to support domestic capacity.

Primary TMT Prices

• Prices are as follows (size 12 to 32mm):
• Ex-Mumbai: Rs. 58,000–58,500/mt 
• Ex-Delhi NCR: Rs.58,000–58,500/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

In 2025, it is anticipated that India's steel consumption will expand by 8–9% due to strong infrastructure development, a rise in housing developments, and higher demand from industries including packaging, engineering, and automobiles. With this rate of increase, India is now one of the world's top steel-consuming economies.

Primary TMT News

• JSW Group plans a green steel plant focused on EU exports to comply with the EU’s Carbon Border Adjustment Mechanism (CBAM). The 10 MTPA plant will be set up in Salav, Raigad, Maharashtra, under JSW Green Steel, with a planned investment of Rs 50,000–60,000 crore over 3–4 years.
• JSW Green Steel was incorporated last year for a 4 MTPA green steel unit as part of JSW’s decarbonisation push. CBAM, effective fully from Jan 1, 2026, will impose carbon tariffs on imports of carbon-intensive goods like steel.
• India’s steel sector, with higher emissions (2.5–2.6 tonnes CO₂/tonne vs global 1.85), may face a 20–35% cost increase due to CBAM. JSW’s green steel will emit one-fifth the CO₂ of current domestic steel.
• Chairman Sajjan Jindal stressed the need to shield Indian steel from Chinese dumping, expecting a safeguard duty soon. He added India needs ~$20 billion yearly to meet its 20 million tonne annual steel demand and expand capacity profitably.

Expert Opinion

The market demand appears stable; however, the number of inquiries has decreased compared to March since contractors bought more materials back then to finalize their accounts. Due to a shortage of materials in the market, distributors are offering elevated prices, but these prices are expected to decrease in the coming days as indicated by the demand trends.