India's finished steel consumption was 84.9 million tonnes in April–September 2026, up 7.5% on the year, while production was 81.8 million tonnes, up 3.7%, according to an SMM analysis published on 13 October 2026. The gap of about 3.1 million tonnes was met mostly from stocks; the report says net imports covered under a fifth of it, implying a drawdown of about 2.5 million tonnes.
Trade
Imports were 4.14 million tonnes, up 23.8%, and exports 3.55 million tonnes, up 26.2% from a low base of 2.81 million tonnes. Net imports were 0.59 million tonnes against 0.54 million a year earlier. NMDC produced 27.3 million tonnes of iron ore, up about 23%.
September
Consumption in September was 14.4 million tonnes, up 8.0%, against production of 13.5 million tonnes, up 1.9%. Crude steel output was 14.1 million tonnes, up 3.4%. Hot metal output was 7.9 million tonnes, up only 0.2%, which the report names as the main constraint on supply.
Prices
Between 17 August and 17 September, scrap, sponge iron, billet and rebar prices rose 12.8% to 15.8%, with sponge iron up the most. Rebar moved from $464 to $529 a tonne, or ₹44,420 to ₹50,675 at ₹95.82 to the dollar. The Ministry of Steel's own monthly series, which includes GST, rose 8.0% to 12.6%. The report cites higher scrap and sponge iron costs, tight supply, power shortages in some regions and a post-monsoon pickup in construction.
Key numbers
- Consumption, Apr–Sep: 84.9 Mt (+7.5% YoY)
- Production: 81.8 Mt (+3.7% YoY)
- Imports: 4.14 Mt (+23.8% YoY)
- Exports: 3.55 Mt (+26.2% YoY)
What boards and CFOs should note
Three points stand out. First, demand is growing at about twice the pace of domestic output, so prices have followed. Second, the report says rebar demand was strong, so the rally was not driven by costs alone. Third, a buyer of steel should note that September production grew only 1.9% while hot metal was nearly flat.
Source: SMM (news.metal.com), 13 October 2026. This is a summary of a news report, published as general information. It is not legal, tax or investment advice.
This article is journalism and commentary. It is not a recommendation to buy or sell any security, and it is not professional advice. Read the full disclaimer.
