[SMM Steel] India Domestic Steel and Scrap Markets Remain Soft
[India Domestic] India’s domestic steel and scrap markets remain soft on Oct 15 with prices mostly unchanged and stable demand. Market participants expect prices in Mandi may increase slightly by the end of week. Market activity remains slow due to the ongoing Navratri festival and the upcoming Dussehra holiday. Overall, market sentiment has been bearish this week. Raipur rebar flat 546 USD/tonne (51,900 INR/tonne) EXW Raipur. Mumbai rebar trend sideways over a week at 565 USD/tonne (53,700 INR/tonne) EXW Mumbai. Billet flat 468 USD/tonne (44,400 INR/tonne) EXW Raipur. Meanwhile, Durgapur billet prices stayed flat 464 USD/tonne (44,100 INR/tonne) delivered Durgapur. Mandi ingot fell 1 USD/tonne (100 INR/tonne) to 493 USD/tonne (46,800 INR/tonne) EXW Mandi. Mandi HMS 1&2 (80:20) unchanged 398 USD/tonne (37,800 INR/tonne) delivered Mandi. PDRI sponge iron unchanged 298 USD/tonne (28,300 INR/tonne) EXW Raipur.