Indian steel manufacturers have implemented a second round of price increases within two weeks in January 2026, marking a significant shift in the domestic market. This hike, affecting products like hot-rolled coil (HRC) and cold-rolled coil (CRC), sees prices rise by approximately 4%, with rebar experiencing an even steeper nearly 7% increase. The primary catalyst for these adjustments is the recent imposition of a three-year safeguard duty by the Indian government on select steel imports, particularly targeting cheaper shipments from countries like China. This duty, which began at 12% in December 2025 and will gradually taper, aims to protect domestic producers from injury caused by low-priced foreign steel. Beyond import curbs, robust construction demand, lean inventories, and a general improvement in market sentiment have provided steel mills with the leverage to push through these price revisions. Additionally, rising input costs, such as imported met coke prices, coupled with a weaker rupee, have contributed to the upward pressure on steel rates. Strong export orders for Indian steel also play a role in the current price uptrend. While these price hikes are expected to bolster profit margins for major steel producers like Tata Steel, JSW Steel, and SAIL, they also pose a challenge for ongoing infrastructure projects by increasing material costs. This development occurs amidst ongoing scrutiny from the Competition Commission of India (CCI), which, in an initial probe, found 28 steel companies, including major players, to have prima facie colluded on pricing between 2015 and 2023. The CCI's final order is still awaited, but the current market dynamics are largely attributed to the government's policy support and genuine market factors, rather than anti-competitive practices in the immediate term.