BigMint Index Signals Broad-Based Gains in Steel Prices
Induction furnace rebar prices also surged, rising INR 4,500 per tonne m-o-m in January
SEATTLE (Scrap Monster): India’s steel market strengthened further in the week ending February 6, 2026, as BigMint’s India Steel Composite Index rose 1.7% week-on-week, reflecting broad-based price gains across segments.
The uptrend was driven by mill price hikes, improving sentiment, and a strong demand outlook for the fourth quarter, extending the bullish momentum seen throughout January.
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The longs composite index climbed 1.9%, while the flats index increased 1.4% w-o-w, as steelmakers raised prices to offset higher input costs and protect margins. Primary mills hiked blast furnace rebar prices by up to INR 3,000 per tonne, supported by healthy order bookings and shrinking inventories. Inventories at primary mills reportedly declined nearly 40% month-on-month in early February due to strong dispatches.
Induction furnace rebar prices also surged, rising INR 4,500 per tonne m-o-m in January, aided by higher billet, sponge iron, and pig iron prices. Flat steel prices strengthened further, with hot-rolled and cold-rolled coil list prices seeing cumulative monthly hikes of up to INR 3,250 per tonne.
Higher raw material costs, lower imports, and firm global steel trends continue to support domestic prices, with the positive momentum expected to persist.