Steel prices hit four-year high despite seasonal weakness; outlook brightens

Demand growth keeps mills running hot

Nonetheless, prices are likely to remain firm on robust demand. In July, domestic steel demand grew 6.8% year-on-year, according to data by the Joint Plant Committee. In the first four months of FY27, demand grew 7.9%, following 7.7% growth in FY26, supporting healthy capacity utilisation for steel mills and improving operating leverage.