India: HRC-rebar reverse spread narrows m-o-m in May. Will trend continue in June?

Primary mills cut rebar prices for June sales. HRC prices stable, mills keep tags unchanged for June. Possible US-India interim trade deal to boost steel market.

Morning Brief: In the domestic steel market, the hot-rolled coil (HRC) and blast furnace reinforcement steel bar, or rebar, reverse spread narrowed somewhat in May 2025. As per BigMint data, the reverse spread narrowed by INR 800/tonne (t) in May compared with April. Usually, HRC is sold at a premium of