Steel Price Hike Tracker: March 2026 — Every Mill, Every Hike, Every Product
By Special Correspondent · SteelMath
Indian steel mills have entered an aggressive price hike cycle driven by the Hormuz crisis. This page tracks every confirmed price increase, updated as announcements are made. Bookmark this page — we update it within hours of each announcement.
March 2026 Hike Summary
Total cumulative hike since March 1, 2026:
- HRC (Hot Rolled Coil): approximately ₹2,000–2,500/MT across major producers
- CRC (Cold Rolled Coil): approximately ₹1,500–2,000/MT
- TMT Bar/Rebar: approximately ₹1,000–1,500/MT
- Plate: approximately ₹1,500–2,000/MT
The Timeline of Hikes
Round 1 — effective March 1–3, 2026
Within 48 hours of the Hormuz crisis escalating, major producers moved first. SAIL increased HR flat product prices by approximately ₹500 per MT for March deliveries. This was viewed as an opening move, testing market response during a period of extreme uncertainty. JSW Steel followed with a roughly ₹500 per MT increase on HRC and plates, effective for fresh bookings. Tata Steel aligned with a similar increase across flat products for its distribution channel.
Round 2 — effective March 6–8, 2026
As oil crossed $85 per barrel and freight disruptions became clear, a second round came quickly. JSW Steel announced an additional increase of approximately ₹750 per MT on HRC, effective for March 15 deliveries. This was the largest single hike, reflecting JSW’s assessment that input costs had structurally shifted. Tata Steel raised CRC prices by approximately ₹500 per MT and TMT bar prices by ₹500 per MT. SAIL followed with across-the-board hikes on all flat products.
Round 3 — effective March 10–12, 2026
The third round confirmed that mills see no near-term cost relief. Hikes of ₹500–750 per MT were announced on HRC and CRC by major producers. Long products (TMT, rebar) saw smaller increases of ₹300–500 per MT, as domestic demand softened slightly due to price resistance from construction buyers.
Why Are Mills Hiking So Aggressively?
Three factors are driving this unprecedented pace of increases:
Energy costs are up 25–30% since mid-February. Steel production is one of the most energy-intensive manufacturing processes in existence. When oil, gas, and coal prices surge simultaneously — as they are now — mills have no choice but to pass through the cost increases. The Hormuz crisis pushed crude from $70 to over $90 in under two weeks.
Imported input costs are rising due to freight and currency. Coking coal, ferro alloys, and certain grades of scrap that Indian mills import have all become more expensive because of higher freight rates and rupee depreciation. Even though the main coking coal route (Australia to India) doesn’t transit Hormuz, the general market tightness has pushed all bulk freight rates higher.
Mills are also reading the global situation and anticipating further escalation. With Chinese steel exports to the Gulf halted by the crisis, Indian producers see an opportunity to capture redirected demand from the Middle East. This tightens domestic supply, supporting higher prices.
What’s Coming Next?
Based on the trajectory of oil prices, freight rates, and the unresolved geopolitical situation, we expect at least one more round of hikes in the second half of March. If oil crosses $100 per barrel — a scenario many analysts consider possible — the cumulative increase from pre-crisis levels could reach ₹3,000–4,000 per MT for flat products.
The key variable to watch is demand response. If construction and manufacturing buyers resist the new prices by deferring purchases, mills may pause further hikes. But in a supply-constrained environment with rising input costs, meaningful price corrections are unlikely until the crisis de-escalates.
How to Use This Information
If you’re a trader: track this page daily. Mill announcements typically hit the market 2–3 days before official circulars. Our daily email alerts will flag major hike announcements within hours.
If you’re a purchase manager: use our Margin Calculator to model how each ₹500 per MT hike affects your project economics. Build scenarios for ₹52,000, ₹54,000, and ₹56,000 per MT HRC to present your management with range-based procurement recommendations.
We’ll keep this tracker updated through March and beyond. Subscribe to our daily alerts to get hike notifications as they happen.