Weekly Mild Steel Market Report - Mar 23–29, 2026

Weekly Mild Steel Market Report - Mar 23–29, 2026

The Indian mild steel market edged lower this week, with the category average price slipping 0.52% week-on-week to approximately ₹49,589/MT, as Secondary TMT led the decline with a sharp 2.43% WoW drop to ₹48,200/MT. Structural products — Angle, Beam, Channel, Round Bar, and Primary TMT — held firm with zero week-on-week movement, signalling a divergence between long products and raw material-linked grades. On a month-on-month basis, the broader category remains up 2.01%, reflecting sustained underlying demand even as near-term sentiment turns cautious.

Key Highlights

• Secondary TMT fell 2.43% WoW to ₹48,200/MT (week low), though it remains 2.12% above last month's level; city-wise spread is wide — Mumbai at ₹52,500/MT vs. Raipur at ₹48,341/MT.
• MS Billets eased 1.14% WoW to ₹43,200/MT after touching a weekly high of ₹43,700/MT; Chennai commands a significant premium at ₹46,000/MT versus Raigarh at ₹40,200/MT.
• Sponge Pellet declined 1.54% WoW to ₹25,500/MT, recovering partially from a week low of ₹25,100/MT; MoM gain of 1.19% keeps the input cost trajectory modestly positive.
• Primary TMT held steady at ₹60,500/MT with zero WoW movement and a 1.68% MoM gain; Ghaziabad remains the price leader at ₹60,500/MT against Raigarh at ₹58,800/MT.
• Wire Rod was the lone gainer this week, inching up 0.45% WoW to ₹45,100/MT at Durgapur, supported by a gradual recovery from the week's low of ₹44,600/MT.
• Structural products (Angle at ₹56,300/MT, Beam at ₹55,600/MT, Channel at ₹54,500/MT, Round Bar at ₹57,400/MT) were completely flat WoW, with Channel recording the strongest MoM gain among all products at 3.22%.

Price Summary

Market Context

The mild steel market this week reflected a classic bifurcation: upstream and semi-finished grades (Secondary TMT, MS Billets, Sponge Pellet) continued their softening trend driven by subdued secondary sector offtake and mild inventory build-up among re-rollers, while downstream structural grades remained anchored by steady infrastructure and industrial demand. Secondary TMT's slide from ₹49,400/MT on Monday to ₹48,200/MT by Thursday — a ₹1,200/MT intra-week fall — points to buyers deferring purchases in anticipation of further correction, particularly in Tier-2 and Tier-3 markets like Raipur and Jalna. MS Billets mirrored this with a slow bleed from ₹43,700/MT to ₹43,000/MT before stabilising at ₹43,200/MT by week-end, suggesting tentative support at the ₹43,000/MT floor. On the demand side, pre-quarter-end procurement activity provided a floor to structural product prices. The channel and beam segments, both up over 3% and 0.9% MoM respectively, continue to benefit from government capex disbursements and ongoing real estate completions. The brand premium differential remains stark — JAIBALAJI Secondary TMT is commanding ₹53,500/MT versus Speed at ₹49,011/MT, a gap of over ₹4,400/MT, reflecting quality differentiation among B2B buyers. Primary brand average across structural products stands at ₹56,578/MT versus rerolled at ₹51,271/MT, a consistent ~10% premium that procurement teams should factor into total cost calculations.

News This Week

Two key news developments shaped sentiment in the mild steel market this week. First, reports of the Indian flat steel market firming on strong demand and tightening supply (March 2026) provided an indirect tailwind to structural MS product pricing. Reduced flat steel imports and restocking activity by downstream consumers have kept supply relatively tight, which explains why Angle, Beam, Channel, and Round Bar prices have resisted downward pressure despite broader market softness. This restocking narrative has been particularly visible in the Chennai and Visakhapatnam markets, where structural product premiums over inland hubs remain elevated — Chennai Angle at ₹56,025/MT versus Kolkata at ₹53,625/MT. Secondly, the bullish stainless steel market report flagging geopolitical instability in the Middle East and rising raw material costs for March 2026 has introduced a degree of caution around input cost trajectories. While stainless and mild steel are distinct markets, rising nickel and alloying input costs globally tend to lift sentiment around ferrous raw materials broadly. However, the Sponge Pellet and MS Billet softness this week suggests that domestic supply of DRI-route inputs remains adequate for now, limiting any immediate pass-through. Procurement managers should monitor whether stainless steel input cost pressures eventually translate into higher scrap and billet prices in April — particularly relevant given MS Billets' MoM gain of 2.86% is already the strongest among semi-finished products.

Outlook

For the week of March 30–April 5, 2026, the mild steel market is expected to remain range-bound with a marginally soft bias for secondary-grade and semi-finished products. Secondary TMT is likely to test the ₹48,000/MT support level; procurement managers with near-term construction requirements should consider locking in at current levels rather than waiting for a deeper correction, given the 2.12% MoM gain indicates medium-term demand support. MS Billets at ₹43,000–₹43,200/MT appear to have found a short-term floor — re-rollers and small EAF operators can consider spot purchases in the Raipur–Raigarh belt where prices are most competitive (₹40,200–₹40,800/MT). Structural products (Angle, Beam, Channel) are unlikely to move significantly given flat HRC and re-roller spreads, but any uptick in April government tender releases or construction activity post-FY-end could push Channel and Angle up by ₹500–₹800/MT. Watch for Q4 FY2026 steel production data, any revision in import duty on flat or long steel products, and further signals from global ferrous scrap markets — all of which could set the tone for April pricing across the mild steel basket.