Indian steel prices to remain firm after hikes, margins seen rising, analysts say

JSW Steel

09/04/2026 06:38

** HSBC says domestic steel price hikes should hold, with limited downside after recent increases

** Flags tight supply, maintenance shutdowns, construction demand, restocking as key demand drivers; sees no "meaningful decline" in prices

** Nomura expects strong sequential margin expansion, with steelmakers seeing about 2,500 rupees/tonne EBITDA improvement in March quarter

** Says higher HRC and rebar prices more than offset higher coking coal costs, helped by softer iron ore prices

** Adds industry volumes seen up 5%-6% y/y in Q4, with Tata Steel TISC.NS, JSW Steel JSTL.NS, Jindal Steel JINT.NS among key beneficiaries

** Both brokerages see price consolidation at higher levels, not reversal, favouring large integrated producers such as TISC, JSTL, SAIL

** Nifty metals index .NIFTYMET up 1.1%

** YTD, NIFTYMET best sectoral performer, up 9.4%; Nifty 50 .NSEI down 8.8%

 (Reporting by Kashish Tandon in Bengaluru)

 ((Kashish.tandon@thomsonreuters.com))