Indian Economy News

India’s Steel Sector Continues Its Upward Trajectory in Apr-Jul 2026

India’s steel sector maintained an upward trajectory during April–July 2026, with crude steel production rising 2.4% to 56.2 million tonnes (Mt), while finished steel production increased 4.7% to 54.7 Mt compared with the corresponding period of the previous year. Finished steel consumption grew 7.9% to 56.0 Mt, reflecting sustained domestic demand. In July 2026, crude steel production stood at 14.4 Mt, up 1.9% year-on-year, while finished steel production increased 3.9% to 14.0 Mt. Finished steel prices also remained firm, with TMT prices rising 2.3% month-on-month to Rs. 58,003 (US$ 610.55) per tonne in August 2026, while HR Coil prices increased 0.9% to Rs. 70,448 (US$ 741.56) per tonne. Alloy steel production rose 26.7% to 3.71 million tonnes during April–July 2026, while consumption increased 22.1% to 4.02 million tonnes. Stainless steel production declined 4.2% to 1.38 million tonnes, although consumption grew 25.0% to 1.77 million tonnes.

Trade activity remained strong, with finished steel imports increasing 36.6% to 2.77 million tonnes during April–July 2026, while exports grew 35.0% to 2.29 million tonnes. In value terms, imports increased 43.1% to Rs. 28,330.8 crore (US$2.96 billion), while exports rose 29.4% to Rs. 18,105.4 crore (US$1.89 billion), leaving India a net importer of finished steel in quantity terms. China and Korea were the largest sources of finished steel imports, accounting for 30.9% and 30.2% of import volumes, respectively, while Vietnam and the UAE were the leading export destinations. The sector is also witnessing continued policy and technology initiatives, including the Ministry of Steel’s monthly digitalisation webinar series, notification of the Mines and Minerals (Development and Regulation) Amendment Act, 2026, trial operations of NMDC’s 2.0 MTPA Bacheli iron ore beneficiation plant and the issuance of Green Steel Certificates to 98 producers across 15 states. These measures are expected to strengthen raw material security, technology adoption, capacity development and low-emission steel production in India.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.