Indian hot-rolled coil prices rose by about ₹4,000 per tonne between August and early September, reaching a four-year high, and analysts cited by Reuters expect further increases in the near term. Higher coking-coal costs, maintenance shutdowns and a revival in infrastructure and automobile demand are tightening the market after the monsoon.
The other side of the story is imports. India was a net importer of finished steel in April-July, with imports up 36.6% from a year earlier and China accounting for 31% of the total. Safeguard duties and an anti-dumping investigation show how domestic pricing is now tied to both raw-material security and trade policy.