Of the four listed tier-I ferrous mills we cover, Anand Rathi anticipates Jindal Steel and Power Ltd. outdoing the sector, with Rs 13,214 Ebitda/tonne and sector-leading ~20.6% Ebitda margins. However, Jindal Stainless Ltd.'s Ebitda is expected to have improved the most QoQ (30%) to Rs 11,066/tonne.
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Anand Rathi Report
In April 2025 the government imposed 12% provisional safeguard duty for 200 days, resulting in domestic hot rolled coil prices rising ~7% QoQ to Rs 51,965 a tonne.
In Q1 FY26 primary long steel prices commanded an 8% premium to HRC and hit a high of Rs 57,200 a tonne. However, early rains resulted in subdued demand from the construction sector, and disruption in material transportation impacted prices of primary long steel (down >Rs7,000 a tonne from recent highs).
Further, primary long steel, which commanded a premium to HRC in the past year, now trades at a ~Rs100-200/tonne discount,.
While most millshave maintained HRC prices, our channel checks (Mumbai, Raipur) suggest thatprices offeredbyvendors/traders are ata ~2-4% discount tolist prices.
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