Steel Prices in Ranchi per kg/ton Today (2024)

Steel is essential to Ranchi’s infrastructure growth and economic activity, particularly in sectors like construction and industrial manufacturing. With its strategic location in Jharkhand, Ranchi benefits from nearby mining and steel production facilities, keeping steel prices relatively competitive. Understanding these price trends helps businesses and individuals make well-informed procurement decisions.

Steel Price by Product

Category	Product	Grade	Price (₹/MT)
TMT Bars	10 mm	Fe500	₹ 74,500
		Fe500D	₹ 82,160
		Fe550	₹ 83,470
	12 mm	Fe500	₹ 74,000
		Fe500D	₹ 82,380
		Fe550	₹ 83,500
	16 mm	Fe500	₹ 73,000
		Fe500D	₹ 82,200
		Fe550	₹ 83,600
	20 mm	Fe500	₹ 72,500
		Fe500D	₹ 82,160
		Fe550	₹ 83,700
MS Plates	6 mm	IS2062 E250	₹ 56,000
		IS2062 E350	₹ 59,000
		IS2062 E410	₹ 62,000
	10 mm	IS2062 E250	₹ 55,000
		IS2062 E350	₹ 58,000
		IS2062 E410	₹ 61,000
GI Pipes	20 mm	Class A	₹ 80,000
		Class B	₹ 95,000
		Class C	₹ 1,10,000
	50 mm	Class A	₹ 3,20,000
		Class B	₹ 3,70,000
		Class C	₹ 4,50,000

Prices fluctuate with demand and local sourcing conditions; TMT bars and GI pipes, for example, are staples in Ranchi’s construction projects and may vary slightly across suppliers.

Steel Price Monthly Trend for 2024

Month	TMT Bars (₹/MT)	MS Plates (₹/MT)	GI Pipes (₹/MT)	HRC (Hot Rolled Coil) (₹/MT)
January	₹ 72,000	₹ 65,000	₹ 60,000	₹ 62,500
February	₹ 72,500	₹ 65,200	₹ 60,200	₹ 62,800
March	₹ 73,000	₹ 65,500	₹ 60,500	₹ 63,000
April	₹ 73,500	₹ 66,000	₹ 60,800	₹ 63,500
May	₹ 74,000	₹ 66,500	₹ 61,000	₹ 64,000
June	₹ 74,200	₹ 66,800	₹ 61,200	₹ 64,300
July	₹ 74,000	₹ 66,500	₹ 61,000	₹ 64,000
August	₹ 73,800	₹ 66,200	₹ 60,800	₹ 63,700
September	₹ 73,500	₹ 66,000	₹ 60,500	₹ 63,500
October	₹ 73,000	₹ 65,800	₹ 60,200	₹ 63,200
November	₹ 72,500	₹ 65,500	₹ 60,000	₹ 62,800

The trend in 2024 reflects moderate price stability with seasonal fluctuations due to shifts in demand for construction projects. Factors like global raw material costs also influence monthly pricing.

Steel Price Trend Over the Last 4 Years

Year	TMT Bars (₹/MT)	MS Plates (₹/MT)	GI Pipes (₹/MT)	Average Price (₹/MT)
2020	₹ 68,000	₹ 66,000	₹ 67,500	₹ 68,000
2021	₹ 75,000	₹ 74,000	₹ 74,500	₹ 75,000
2022	₹ 77,000	₹ 76,500	₹ 76,800	₹ 77,000
2023	₹ 73,500	₹ 72,800	₹ 73,200	₹ 73,500

These four-year trends highlight a peak in 2022 due to global supply chain disruptions, followed by a slight decline as market conditions normalized. Prices are projected to stabilize with minor seasonal increases.

Steel Price Predictions & Financial Forecasts

1. Global Demand Factors:

• China’s Demand Fluctuations: With China’s property market slowing, growth in its infrastructure and automotive sectors is expected to offset the decline, with an anticipated 0.5% increase in steel consumption for 2024. Government incentives, particularly in renewable energy and electric vehicle production, will contribute to this stability, though overall demand is tempered by financial constraints.
• International Supply Adjustments: The OECD projects that over 55 million metric tons of new steel capacity will come online between 2023 and 2025, potentially outpacing demand growth. This could lead to slight price reductions as 2024 unfolds, with anticipated global demand growth at a modest 1.9%.

2. Price Volatility in 2024:

• Projected Declines: Economic analysis forecasts a 7% drop in steel prices across developed markets in 2024, influenced by sluggish construction and manufacturing demand, alongside elevated interest rates and inflation. Market reports reinforce the likelihood of reduced demand, potentially leading to incremental price decreases.
• Potential Recovery Indicators: Short-term price fluctuations are likely, driven by disruptions like trade restrictions or unexpected production cuts. However, a sustained price increase is improbable until mid-2025, when market adjustments and capacity balancing may support gradual recovery.

3. Long-Term Forecast:

• Stabilizing Factors: In the long term, a global economic recovery, paired with eased monetary policies, is projected to increase steel demand by 1.2% by 2026. Price stabilization and eventual gradual rises are likely as markets adjust and demand strengthens.

How to Procure Steel at Low Prices in Ranchi

For the best steel prices in Ranchi:

1. Bulk Purchasing: Many suppliers offer discounts for bulk orders.
2. Seasonal Deals: Prices tend to dip slightly in the post-monsoon months.
3. Compare Suppliers: Regional suppliers like Rungta and Tata Tiscon offer competitive rates; comparing them ensures optimal pricing.

Unlock the power of credit to buy quality steel with Tata nexarc

Steel pricing in Ranchi reflects Jharkhand’s robust infrastructure demand and local availability of resources. Staying updated on these trends allows businesses and contractors to make smarter purchasing choices. For consistent quality and competitive prices, companies like Tata nexarc offer a reliable solution for sourcing essential materials, including steel pipes, across India. With its network of verified suppliers, Tata nexarc simplifies procurement, ensuring businesses in Ranchi and beyond have access to quality steel products at competitive rates.

Disclaimer: Prices are indicative and subject to change. Buyers are requested to contact our team at Tata nexarc for latest TMT bar price range available from different manufacturers, suppliers, wholesalers. For more details on TMT bar size and grade (e.g., Fe 415, Fe 500, Fe 550, Fe 600) get in touch now. GST + freight additional.