Infrastructure & Construction

India’s flat steel market remains steady, with no major changes in HRC and CRC prices across key cities. Demand is stable but cautious, supported by infrastructure and housing projects. While imports and maintenance shutdowns influence supply, mills may adjust output to balance weak demand and maintain pricing stability.

Nickel prices stood at $15,250/ton, while Copper was priced at $10,891/MT. The INR opened at 88.79 against the USD. The current retaail price for 304 CR wider 2B is approximately ₹200–205/kg (basic), and HR around ₹194–197/kg (ex-Delhi). Narrow coils are about ₹8–10/kg cheaper, plus GST. SS 316L HR (imported) material is being retailed around ₹350/kg for HR wider, while Indian material is ₹5/kg costlier.

India’s steel market continues to face pressure from oversupply and muted trade sentiment, with both flat and long products extending losses through October. While post-festive demand could offer short-term relief, structural challenges such as inventory overhang and global surplus are expected to keep prices subdued in the coming quarter.

TMT bar prices across major regions - Mumbai, Delhi NCR, and Vizag - remained steady amid continued demand weakness and sufficient inventory. Despite subdued construction activity and raw material constraints, manufacturers are maintaining price stability. Market sentiment remains cautious, though medium-term prospects hinge on infrastructure and housing demand recovery.

Zinc prices held firm across major exchanges on October 29, 2025, supported by tight LME inventories (~37 kt) and steady downstream demand in China. SHFE zinc maintained strength within the ¥22,200–22,600/mt range, while MCX futures traded near ₹308.25/kg. Analysts expect consolidation with an upward bias amid limited fresh supply.

The stainless steel market is showing mixed trends across different series. While 300 series demand has softened, the 200 and 400 series continue to experience strong interest, partly driven by limited imports and rising domestic demand. European regulatory changes—especially import quota cuts and tariffs—are expected to influence market dynamics. Prices for most grades remain stable to firm, with specific series seeing upward pressure due to supply constraints.

Channel steel prices held steady across primary and secondary markets, supported by strong fabrication demand and low stock levels. Secondary markets showed a bullish undertone, while primary mills signaled possible price revisions post-20th October. Distributors maintained moderate replenishment, and firm downstream activity supported overall market sentiment ahead of the festive period.

Flat steel prices remained largely unchanged across key Indian markets. Weak domestic demand, inventory pressures, and cautious production by smaller mills keep HRC under stress. Exports hit a 1.5-year high in September, driven by EU and Middle East shipments. Market sentiment remains cautious amid policy uncertainty and potential safeguard duties.

TMT bar prices remained largely stable with a mild upward trend across regions. Improved post-monsoon demand and festive season buying are driving gradual recovery. Primary mills announced a ₹1,000/ton price hike, supported by healthy distributor inventories and stable supply. The sector also saw key policy and sustainability developments.