Stories
Nomura stays bullish on Tata Steel, JSW Steel and Jindal Steel as HRC hits four-year high
- •Nomura maintains a Buy rating on Tata Steel, JSW Steel, and Jindal Steel, citing strong positioning of domestic steelmakers to benefit from price hikes.
- •Domestic hot-rolled coil prices rose to Rs 64,700 per tonne, remaining elevated near their highest levels in four years.
- •Global steel prices remain firm while coking coal prices eased and iron ore hit a 2026 low.
- •The government draft National Steel Policy targets crude steel capacity of 604 million tonnes by 2047.
Key Questions Answered
Nomura retained its 'Buy' recommendation on Tata Steel, JSW Steel, and Jindal Steel, maintaining a positive outlook on the Indian steel sector as hot-rolled coil prices reached a four-year high.
The draft National Steel Policy targets a crude steel capacity of 604 million tonnes by 2047, up from the current 220 million tonnes. It projects finished steel demand to reach 505 million tonnes, per capita consumption to hit 302 kg, and aims to reduce carbon emission intensity from 2.54 tonnes to 1.54 tonnes of CO₂ per tonne of crude steel.
In the week ended October 9, 2026, domestic HRC prices rose by Rs 700 week-on-week to Rs 64,700 per tonne, remaining elevated near a four-year peak. Meanwhile, rebar prices increased by Rs 900 to Rs 63,800 per tonne, extending their recovery and establishing a renewed upward trend.
