Infrastructure & Construction

Flat steel prices remain unchanged across key Indian markets despite subdued demand due to seasonal factors. Distributors report a lull in HRC and CRC movement, but expectations are bullish for the second half of 2025. Meanwhile, POSCO has frozen stainless steel prices to counter rising imports and stabilize its domestic market.

Zinc prices slipped marginally by 0.06% to ₹259.85 amid weak demand and a slight inventory build-up. Chinese buyers remain cautious, only purchasing for immediate needs due to sluggish manufacturing output. Factory growth in China hit a six-month low, keeping market sentiment subdued. However, retail sales data offered a glimmer of hope for downstream demand.

Steel prices have declined across Mumbai, Delhi NCR, and Vizag due to continued demand weakness and stable inventory levels. Distributors are offering competitive rates to stimulate buying. Meanwhile, Tata Steel faces a GST-related tax demand, although the company maintains there’s no merit in the allegation and plans to contest it.

DI and ERW pipe markets are facing a slowdown due to liquidity crunch and monsoon-related project delays. Despite weak demand, prices remain stable at multi-quarter lows. Manufacturers are offering bulk discounts, expecting a revival by August-September, driven by smart city, AMRUT 2.0, and Jal Jeevan Mission tenders.

Stainless steel prices remain steady across most grades, with the 200 series showing bullish momentum due to limited imports. While 300 series demand is subdued, select shortages are supporting price stability. Scrap procurement remains active, and long-term sector growth is driven by infrastructure and urbanization, as highlighted by ISSDA data.

Steel prices have declined across North, West, and South India, with Ex-Mumbai, Delhi NCR, and Vizag quoting lower rates amid sluggish demand. Distributors are maintaining ample inventories, ensuring smooth availability. Meanwhile, the Ministry of Steel’s abrupt BIS compliance order on inputs threatens disruption, especially for MSMEs and steel importers.

Steel prices across both primary and secondary markets have softened, with secondary mills witnessing deeper cuts due to payment delays, stock overhang, and weak consumption. Monsoon-driven yard clearance and muted institutional buying post-election have added pressure. Mills are deploying discounts and deferred payment terms to manage liquidity and sustain dispatch volumes.

Stainless steel prices in India remain stable to firm, with 200 series showing strong domestic demand due to limited imports. 304 and 316L grades are stable, while scrap prices stay elevated. Stainless steel consumption in India has grown 84% over five years, driven by infrastructure and transport sectors, with further growth expected.

Primary TMT prices fell again across Delhi NCR, Mumbai, and Vizag due to sustained weak demand. Sellers continue cutting prices to stay competitive, while distributors maintain sufficient stock to avoid supply issues. Experts warn of further price corrections if demand doesn’t rebound soon, despite supply-side stability and strategic production cuts by manufacturers.