Equity

Crude steel production in April 2026 stood at 14.09 million tonnes, up 5.8% YoY over April 2025 (13.31 million tonnes). Hot metal production grew 5.4% YoY while pig iron output (0.69 million tonnes) posted a decline of 6% YoY. Finished steel production reached 13.05 million tonnes, up 3.4% YoY. Finished steel consumption in April 2026 was 12.99 million tonnes, registering growth of 8.1% YoY reflecting continued buoyancy in construction, infrastructure and manufacturing end-use segments.

Domestic steel prices extended their recovery in April 2026 across all major product categories. TMT/Rebar prices rose ~2.6% month-on-month, also registering a 3% year-on-year gain ' marking the first positive YoY reading after several months of softness. Flat steel prices saw sharper gains, with HR Coil up ~6.3% and GP Sheet up ~7.3% month-on-month, reflecting improved demand.

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