Weekly Mild Steel Market Report - Apr 13–19, 2026

Weekly Mild Steel Market Report - Apr 13–19, 2026

The Mild Steel market witnessed a broad-based softening this week, with the category average price declining 1.09% week-on-week to ₹51,056/MT, led by sharp corrections in MS Billets (-2.61%) and Sponge Pellets (-3.05%). Input material weakness — particularly in sponge pellets and billets — signals continued margin pressure across the steel value chain, even as structural products like Angle, Round Bar, Beam, and Channel held firm with zero week-on-week movement. On a month-on-month basis, the category remains up 1.85%, suggesting the near-term correction is more of a consolidation than a reversal of the March uptick.

Key Highlights

• Sponge Pellet was the week's top mover, falling 3.05% WoW to ₹25,400/MT (Raigarh), its lowest level in recent weeks and now down 1.93% MoM — the only product in negative MoM territory.
• MS Billets dropped 2.61% WoW to ₹44,800/MT, with Raipur quoting as low as ₹41,900/MT; the week opened at ₹46,000/MT, reflecting a ₹1,200/MT intra-week erosion.
• Primary TMT corrected 1.63% WoW to ₹60,500/MT (Ghaziabad), down from a week-open of ₹61,500/MT, while remaining flat MoM — indicating mills are holding the line on monthly pricing.
• Secondary TMT eased 1.46% WoW to ₹54,000/MT, with Delhi quoting the highest at ₹53,300/MT and Raipur the lowest at ₹47,874/MT; the product is still up 4.25% MoM, the strongest monthly performer in the segment.
• Wire Rod fell 1.05% WoW to ₹47,000/MT despite being up 4.68% MoM — the strongest month-on-month gainer overall — suggesting profit-taking after the March rally.
• Angle, Round Bar, Beam, and Channel were all flat WoW, holding at ₹57,300/MT, ₹58,400/MT, ₹56,600/MT, and ₹55,500/MT respectively, all posting MoM gains of approximately +1.75–1.83%, reflecting resilient downstream demand from infrastructure and fabrication sectors.

Price Summary

Market Context

The week's price correction in Mild Steel is primarily upstream-driven. Sponge pellet and billet prices — key feedstock indicators for secondary and induction furnace steelmakers — have softened materially, with sponge pellets losing ₹800/MT intra-week and billets shedding ₹1,200/MT. This typically reflects a combination of subdued demand from re-rollers, easing domestic iron ore pellet costs, and cautious procurement sentiment ahead of the summer slowdown in construction activity. Raipur, the heartbeat of India's secondary steel ecosystem, is quoting billets at just ₹41,900/MT — a significant ₹4,100/MT discount to Kanchipuram (₹46,000/MT), indicating regional oversupply in central India. On the structural products side, the price stability in angles, beams, channels, and round bars suggests that end-user demand from the infrastructure, real estate, and general engineering sectors remains relatively intact. Primary TMT's intra-week correction from ₹61,500/MT to ₹60,500/MT likely reflects mill-level price adjustments in response to the weaker billet market, rather than a demand collapse. Month-on-month, the category is still up 1.85%, and with wire rods and secondary TMT posting MoM gains of 4.68% and 4.25% respectively, the broader trend since March remains constructive — the current dip looks more like a healthy consolidation.

News This Week

The week's most notable market news covered the stainless steel segment, reporting firm prices supported by stable raw material trends and consistent demand across the 200, 300, and 400 series, with JSL implementing price hikes reflecting positive sentiment. While stainless steel is a distinct category, this development carries indirect relevance for Mild Steel procurement managers: the firmness in stainless steel demand signals that downstream industrial consumption — particularly in process equipment, fabrication, and auto ancillaries — has not deteriorated broadly. Limited imports of stainless steel supporting domestic prices also points to a general tightening of import competition in the flat and long steel space, which is a mild positive for domestic MS pricing. However, the divergence is telling: stainless steel prices are firming while mild steel inputs (billets, sponge pellets) are softening — suggesting that the pressure in MS this week is more supply-side and secondary-producer-driven than a function of weakening end demand. Procurement teams should note that no significant MS-specific policy announcements or trade disruptions were reported this week, meaning the price moves reflect organic market dynamics rather than external shocks.

Outlook

Heading into the week of April 20–26, 2026, the key variable to watch is whether the billet and sponge pellet correction stabilises or deepens — if Raipur billet prices slip below ₹41,500/MT, expect further downward pressure on Secondary TMT and Wire Rod in the ₹500–800/MT range. Primary TMT mills are likely to defend the ₹60,000–60,500/MT band given their cost structures, but a sustained billet weakness could force a revision. Structural products (Angle, Beam, Channel, Round Bar) are expected to remain rangebound, supported by ongoing infrastructure ordering. For procurement managers: if you are buying Secondary TMT or Wire Rod in volume, this week's softness presents a tactical buying window — current levels represent a discount of 1–1.5% against the March baseline while month-on-month momentum remains positive. For MS Billets, consider short-cover buying at Raipur spot levels (₹41,900–42,500/MT range) if project timelines demand inventory buildup. Avoid aggressive forward coverage on sponge pellets until the ₹25,400/MT floor is tested and holds for at least two consecutive sessions.