Weekly round-up: Semis, longs rise on higher input costs; scrap buying cautious amid freight surge

• • Billet and sponge iron prices rise sharply w-o-w on higher raw material costs and improved bookings

• • Imported coal prices jump INR 1,100-1,200/t, while scrap buying stays cautious amid rising freight

The domestic steel and raw materials market strengthened in the week ended 6 March, supported by higher input costs and improved bookings. Semis and longs moved up, while trading activity remained cautious due to Holi holidays and geopolitical uncertainties.

Iron ore and pellet:

NMDC announced its list prices of iron ore CLO (calibrated lump ore) and fines on 6 March, BigMint learnt from sources. The miner has fixed prices of DR CLO (10-40 mm, Fe 67%) at INR 5,350/tonne (t) ($59/t) and of iron ore fines (-10 mm, Fe 64%) at INR 4,050/t ($45/t). Prices are on FOR basis from the miners Bacheli complex and exclude royalty, DMF, and NMEDT. Prices of all grades were raised by INR 50-100/t. Prices excludes royalty, DMF, and NMEDT charges.

PELLEX, BigMint’s bi-weekly domestic pellet (Fe 63%) index for Raipur, rose by INR 300/t ($3/t) INR 10,800/tonne (t) ($117/t) DAP w-o-w compared to the previous week’s assessment with around 33,000 t pellet sold at INR 10,600-10,700/t exw. However, the news brought in a total cautiousness in the markets as the participants awaited for further clarity on prices and reassess the situation and refrained from fresh buying.

BigMint’s bi-weekly Indian low-grade iron ore fines (Fe 57%) export prices inched down by $1/t w-o-w to $60/t FOB east coast on 5 March 2026. No export deals were reported in this publishing window amid bid-offer disparities and limited buying interest.

Coal:

South African thermal coal prices at Indian ports surged sharply w-o-w amid rising export offers, higher freight rates and geopolitical tensions in the Middle East. Exw-Paradip and Vizag prices increased significantly, with RB2 (5,500 NAR) and RB3 (4,800 NAR) rising by around INR 1,1001,200/t w-o-w, reaching INR 11,700/t and INR 10,400/t at Paradip and INR 11,600/t and INR 10,300/t at Vizag, respectively. Despite the sharp rally, buying interest remained limited as sponge iron producers held sufficient inventories and preferred to adopt a wait-and-watch approach amid widening bid-offer gaps.

Domestic non-coking coal prices increased marginally w-o-w, supported by firmer seller offers and stronger auction bids. As per BigMints assessment, 4,500 GCV rose to INR 4,950/t and 5,000 GCV to INR 6,000/t exw Bilaspur, marking a w-o-w increase of INR 50/t. The slight uptick was partly supported by higher sponge iron prices and the rally in imported coal. However, the domestic market largely remained stable with steady procurement from industrial consumers.

BigMints premium hard coking coal (PHCC) index was assessed at $240/t CNF Paradip on 6 Mar26, down $10/t w-o-w, marking a two-month low amid cautious buyer sentiment and lower bids. Australian PHCC offers softened, with an eastern India mill booking 75,000 t Goonyella coal at $220/t FOB Australia for April shipment. Freight costs increased, with Panamax HaypointParadip rates rising over $2/t to $22/t. Indias coking coal imports declined 14% m-o-m to 4.4 mnt in Feb26, with Australian volumes falling to 1.9 mnt from 2.7 mnt due to weather disruptions.

Indian blast furnace (BF)-grade metallurgical coke prices increased in eastern India amid firm import parity levels. BF coke (2590 mm) rose by INR 600/t w-o-w to INR 35,600/t ex-Jajpur, while prices in western India remained stable at INR 30,500/t ex-Gandhidham. Meanwhile, foundry-grade coke (+90 mm) held steady at INR 36,100/t ex-Rajkot. Softer global coking coal prices but hike in freights keeping the market cautious.

Ferrous scrap:

Imported scrap sentiment in India turned cautious this week as escalating Middle East tensions following the US-Iran conflict pushed freight costs higher and disrupted shipping routes. Tightening availability from the Middle East and rising bunker prices lifted exporter offers, with shredded heard around $375-380/t CFR and HMS around $355-360/t CFR. Freight circulars indicating container rate increases also added pressure on landed scrap costs.

However, Indian buyers largely resisted higher offers as workable levels lagged rising indications. Mills kept bids near $350/t for HMS and around $365-370/t for shredded.

Trading activity remained limited as the Holi holiday period in India slowed procurement decisions and market participation. Weak demand from key ports such as Kandla and cautious buying sentiment kept mills in a wait-and-watch mode despite upward pressure from the supply side.

Ferro Alloys:

Silico Manganese:

Indian silico manganese (60-14) prices went up slightly INR 400/t ($4/t) w-o-w to INR 72,700 -73,800/t ($791-803/t ) across Durgapur, Raipur, Vizag, and Raigarh, supported by higher overseas raw material prices.Sellers showed limited willingness to negotiate, as domestic manganese ore prices from MOIL Limited have also increased slightly,raising smelter production costs.

Ferro Manganese:

Indian ferro manganese (70%) prices maintained stability with slight rise by INR 200/t w-o-w to INR 74,200/t ($809/t) in Raipur and INR 100/t ($1/t) to INR 73,800/t ($804/t) in Durgapur. Prices edged up as producers raised offers and resisted lower bids, supported by steady demand and balanced market conditions.

Ferro Silicon:

Indian ferro silicon (Si 70%) prices increased by INR 2,200/t ($24/t) w-o-w to INR 101,000/t ($1,099/t) exw Guwahati. Prices in Bhutan also rose by INR 1,000/t ($11/t) to INR 100,000/t ($1,088/t) exw. The rise followed Bhutans March price announcement at INR 100,000/t exw ($1,088/t), supporting domestic prices. Prices reached nearly a one-year high in both markets.

Ferro Chrome:

Indian high-carbon ferro chrome (HC 60%, Si 4%) prices dipped slightly by INR 500/t ($5/t) to INR 121,500/t ($1,322/t) ex-works Jajpur. The slight drop followed lower bids at Vedanta-FACORs ferro chrome auction, and buying inquiries were also limited last week.

At Vedanta-FACOR’s ferro chrome auction 27 Feb26, the larger lot (Cr: 57% min, 10-150 mm) achieved an H1 price of INR 120,200/t ($1,307/t) exw, up slightly by INR 200/t ($2/t) from the base price.

Semi-finished steel:

India’s semi-finished steel segment witnessed a significant rise this week. As per BigMint’s assessment, domestic billet prices surged by INR 1,000-3,000/t ($11-32/t) w-o-w, supported by stronger raw material costs and improved bookings throughout the week. Additionally, a recovery in finished steel demand provided further support to billet prices, reinforcing positive market sentiments across key regions.

Meanwhile, India’s sponge iron market experienced sharp volatility during the week, with prices rising notably across major producing regions. The uptrend was largely due to geopolitical tensions and concerns over potential disruptions in raw material supplies. Pan-India sponge iron prices increased by INR 900-2,200/t ($9-24/t) w-o-w, as producers aggressively raised offers in anticipation of higher input costs and possible supply chain constraints. Improved buying activity during the week also supported the upward price movement.

SAIL’s Rourkela Steel Plant (RSP) auctioned 2,200 t of steel-grade pig iron on 06 Mar’26, with the entire quantity sold at an average INR 38,200/t exw. Prices declined by INR 900/t compared with the 13 Feb’26 auction, where 1,700 t were booked at an average INR 39,100/t exw.

NMDC Ltd. Nagarnar Steel Plant auctioned 15,000 t of steel-grade pig iron on 6 Mar’26, with the entire volume booked at an average INR 36,150/t. Prices increased by INR 150/t from the 27 Feb auction, when only 7,000 t of the 12,000 t offered were sold at INR 36,000/t. The results point to selective buying interest amid cautious market sentiment and uncertain finished steel demand.

On the export front, DRI offers to Nepal increased by $11/t w-o-w to $346/t CPT Raxaul, while offers to Bangladesh rose by $6/t to $351/t CPT Benapole. However, despite the rise in offers, enquiries and buying activity remained limited, due to the ongoing election-related uncertainties in Nepal.

Finished long steel:

IF-rebar: IF-route rebar trade prices witnessed a sharply hike w-o-w basis across major Indian markets, supported by healthy trading activity and improved order bookings by mills. The primary drivers behind this price increase were ongoing geopolitical tensions and higher raw material costs, particularly sponge iron and billets. However, trading activity slowed during the middle of the week due to the Holi festival, with markets remaining closed in several regions. Under the current market scenario, prices are likely to remain supported in the near term.

On a weekly basis, Rebar prices surged by INR 1,200-2,900/t w-o-w across regions, as per BigMint’s assessment.

Trade reference prices of Fe 500 grade rebars manufactured via the IF route (10-25 mm size) were assessed at INR 46,100-46,500/t exw Raipur, INR 50,500-51,100/t exw Jalna.

Trade reference prices of heavy structural steel for the base size 150 mm channel stood at INR 47,400-47,800/t exw-Raipur. Trade reference prices of wire rod stood at INR 46,000-46,500/t ex-Raipur.

BF-rebar: Indian primary steelmakers increased rebar prices by INR 500-1,000/tonne (t) ($5-11/t) for early-March 2026 dispatches, sources informed BigMint. Post-revision, list prices stood at INR 58,500-59,500/t ($637-648/t) on landed basis.

Trade-level BF-rebar prices (distributor to dealer) edged up by INR 200/t ($2/t) w-o-w to INR 59,200/t ($644/t) exy-Mumbai, as per BigMint’s assessment on 6 March 2026. Buying activity in the BF-rebar segment slowed this week due to festive holidays, with several market participants absent. Buyer interest remained subdued at elevated prices, while shortages of certain sizes persisted across select regions. In the projects segment, prices hovered at around INR 59,000-60,000/t ($642-653/t) FOR basis.

Flat steel:

Leading Indian steelmakers have increased list prices of hot-rolled coils (HRCs) and cold-rolled coils (CRCs) by INR 750-1,500/t ($8-16/t) for early March 2026 sales.

The trade-level prices of HRC in India show uptick across key regions amid price hike announcement during the week ending on 3 March with HRC prices assessed in the range of INR 52,500-55,600/t ($570-604/t) and CRC prices assessed at INR 57,000-63,200/t ($619-686/t).

The Indian trade-level HRC market is currently in a wait-and-watch phase, with buying activity slow due to the Holi holidays. However, as the March year-end nears, mills are trying to push prices higher, while the market is also keeping an eye on geopolitical developments that may impact demand and trade sentiment.

India’s bulk imports of HRCs touched 361,248 t in February, based on vessel line-up data. Around 109,707 t of additional cargoes are expected by mid-March. India’s bulk exports of HRCs touched 227,150 in February. Around 7,692 t of additional cargoes are in transit.

BigMint’s Indian HRC (S275) export index for the European Union (EU) remained unchanged w-o-w at around $570/t FOB main port as of 3 March amid weak demand. Meanwhile, in the Middle East, no firm offers from India were heard due to the ongoing geopolitical tensions in the region.