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

Chandigarh has been experiencing consistent growth in steel consumption driven by infrastructure projects and urban development. The price trends in the steel market are influenced by global supply chain dynamics, fluctuations in the cost of raw materials like iron ore, and local demand across sectors such as construction and manufacturing.

Steel Price by Product

Category	Product	Grade	Price (INR/MT)
TMT Bars	10 mm TMT	Fe500D	₹ 74,500
		Fe550D	₹ 73,500
	12 mm TMT	Fe500D	₹ 74,000
		Fe550D	₹ 73,000
	16 mm TMT	Fe500D	₹ 74,000
		Fe550D	₹ 73,000.00
HR Coils	8 mm HR Coil	IS2062 E250	₹ 52,893.75
		IS10748 GR 3	₹ 52,893.75
	6 mm HR Coil	IS2062 E250	₹ 52,702.33
		IS10748 GR 4	₹ 52,702
Structural Steel	Beams	NA	₹ 64,250
	Channels	NA	₹ 57,250

Steel Price Monthly Trend for 2024

Below is a table showing the monthly price trends for steel products in 2024:

Month	TMT Bars Price (₹/MT)	HR Coils Price (₹/MT)
January	₹ 50,000	₹ 55,500
February	₹ 51,000	₹ 55,800
March	₹ 52,500	₹ 56,200
April	₹ 53,000	₹ 56,500
May	₹ 54,000	₹ 56,800
June	₹ 55,000	₹ 57,000
July	₹ 55,500	₹ 57,200
August	₹ 56,000	₹ 57,500
September	₹ 56,500	₹ 57,800
October	₹ 57,000	₹ 58,000
November	₹ 74,000	₹ 58,300

Steel prices have generally shown an upward trend due to increasing raw material costs and rising demand from the construction sector.

Steel Price Trend Over the Last 4 Years

Here is a look at steel price trends in Chandigarh over the past four years:

Year	Price (₹/MT)	Product
2019	₹ 45,000	TMT Bars
2020	₹ 48,000	TMT Bars
2021	₹ 55,000	HR Coils
2022	₹ 58,000	HR Coils
2023	₹ 60,000	TMT Bars

Global market disruptions and increased infrastructure projects have driven consistent price increases since 2021.

Steel Price Predictions & Financial Forecasts

Steel prices in Chandigarh are expected to fluctuate moderately throughout 2024. Here's a detailed financial and market analysis:

Global Demand & Supply Trends:

• Global Steel Demand Growth: Steel demand is predicted to grow by 1.9% globally in 2024, with infrastructure projects in India playing a significant role in this increase. However, demand in China is projected to be stagnant, and Europe may experience a slight contraction due to reduced economic activity.
• Supply Expansion: New steel production capacity is expected to surpass demand, adding 55 million metric tonnes globally. This increase in supply will likely lead to lower capacity utilization rates and reduced pricing pressures by mid-2024.

Indian Market Dynamics:

• Domestic Growth: India's steel demand is forecasted to grow by 8.2% in 2024, primarily due to public sector spending on infrastructure. This strong demand may exert upward pressure on prices.
• Price Volatility: While demand will be strong, the prices of raw materials like iron ore, coking coal, and scrap metal will play a pivotal role in price trends. Volatility in these inputs, particularly coking coal, may lead to fluctuations in steel prices across major Indian markets, including Chandigarh.

Steel Prices:

• Hot-Rolled Coil (HRC): Prices for HRC are expected to stabilize at lower levels in 2024 due to an oversupply in the global market. Indian prices, though higher than other markets due to increased demand, are anticipated to see a minor decline of approximately 5% by mid-2024.
• TMT Bars: With infrastructure projects increasing in India, TMT bar prices may remain stable or see minor increases depending on construction activity in the second half of 2024.

Raw Material Costs:

• Iron Ore: Global prices for iron ore are expected to continue their decline into 2024, driven by surplus supply and weaker demand from China.
• Coking Coal: Prices are forecasted to remain volatile, largely due to fluctuating export volumes from Australia and geopolitical risks.

Short-Term Predictions:

• Steel prices may experience a downward trend in the first half of 2024, driven by an increase in global steel production capacity.
• By mid-2024, prices are expected to bottom out before potentially rising again towards the end of the year as demand picks up in key sectors like construction and automotive.

How to Procure Steel at Low Prices in Chandigarh

Bulk Purchases: Buying steel in larger quantities often leads to discounted rates. Suppliers tend to offer lower prices per metric ton for bulk orders, making it cost-effective for larger projects or long-term procurement.

Seasonal Timing: Steel prices fluctuate based on market demand. Purchasing during periods of low demand, such as the monsoon season or at the start of the year, can result in lower prices as suppliers adjust rates to stimulate demand.

Supplier Comparison: Use platforms and local directories to compare prices from multiple suppliers. Different suppliers may offer varying prices based on their stock levels, logistics costs, or promotional offers.

Long-term Contracts: Negotiating long-term contracts with suppliers can lock in favourable rates and protect against market volatility. This approach is particularly useful for construction companies with ongoing projects that require steady steel supplies.

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

In conclusion, securing steel at competitive prices in Chandigarh requires strategic purchasing, such as buying in bulk, timing the market, and negotiating long-term contracts. By carefully comparing suppliers and leveraging seasonal price drops, businesses can reduce costs significantly. For reliable suppliers and competitive pricing, Tata nexarc offers an ideal platform, providing access to verified sellers and real-time price comparisons, ensuring that you procure quality steel at the best available rates. With Tata nexarc, you can streamline your procurement process while benefiting from superior deals and credit options tailored to your project’s needs.

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.