The Ministry of Steel has reported that India’s steel sector maintained steady growth during the first five months of the current financial year (April to August 2026). The sector saw finished steel production increase by 3.8 per cent compared to the same period last year, even as crude steel output remained largely flat.
Production, Prices and Demand
Crude steel production stood at 70.3 million tonnes during April–August 2026, up 1.8 per cent from 69.0 million tonnes in the corresponding period of the previous year. Finished steel production reached 68.1 million tonnes, representing a 3.8 per cent rise over the same five-month span last year.
The top seven producers, which include SAIL, RINL, NSL and JSW Group, accounted for 39.2 million tonnes of crude steel production during this period. Public sector enterprises contributed 13.9 per cent of total crude steel output.
Steel prices showed mixed movement. TMT bars (10 mm) were priced at 58,002 rupees per tonne in August 2026, while hot-rolled coil stood at 70,448 rupees per tonne. Prices of some products rose compared to the previous year—galvanised sheet prices increased 17.7 per cent year-on-year.
Domestic consumption of finished steel rose to 70.3 million tonnes during April–August 2026, up 7.0 per cent from 65.7 million tonnes in the same period last year.
Trade and Raw Materials
India imported 3.487 million tonnes of finished steel during April–August 2026, a 29.5 per cent increase from 2.693 million tonnes last year. Exports of finished steel climbed to 2.986 million tonnes, up 34.1 per cent from 2.226 million tonnes previously. India remained a net importer of finished steel by quantity during this period.
Prices of domestic raw materials declined. Iron ore prices fell, with NMDC Baila Lump dropping to 5,250 rupees per tonne in August 2026 from 5,700 rupees in June. Manganese ore prices also softened to 17,603 rupees per tonne in August from 19,505 rupees in June.
What This Means for You
If you buy steel products for construction or manufacturing, prices have remained relatively steady with some seasonal variation. The growth in domestic consumption suggests construction and industrial activity remain reasonably active. Lower raw material costs should help keep production efficient, though rising imports indicate the sector continues to compete with overseas suppliers.