India's steel prices surge 18-25% as safeguard duties take hold.

India's steel prices surge 18-25% as safeguard duties take hold. Hot-rolled coils jumped to Rs 55,900 per tonne from Rs 47,317 in December, while rebar climbed to Rs 59,800 from Rs 47,615. The three-year safeguard duty implemented last December continues shielding domestic producers from import competition. Steel majors including JSW Steel, Tata Steel, and Jindal Steel have outperformed the broader market, gaining 8-18% over three months despite a 9% decline in Nifty 50. India's crude steel production surged over 11% year-on-year to 153.61 million tonnes, while consumption rose 7.2% to 147.7 million tonnes. Analysts remain bullish on the sector, citing robust domestic demand and improving price momentum. The World Steel Association projects 9% demand growth for both 2025 and 2026, driven by infrastructure and manufacturing expansion.