[SMM Steel] India Domestic Steel Market Stable Amid Cautious Sentiment
[India] India’s domestic steel market remained stable but cautious on Monday compared with Friday with scrap and finished steel prices largely unchanged across key regions. The market sentiment is bearish and subdued with buyers adopting a wait-and-watch approach amid limited price movement and balanced demand-supply conditions. In northern Mandi Gobindgarh, HMS 1&2 (80:20) flat delivered Mandi 355USD/tonne (33,900 INR/tonne). Billet prices stable delivered Mandi at 443USD/tonne (42,400INR/tonne). Meanwhile, Mumbai HMS 1&2 (80:20) unchanged delivered Mumbai 324USD/tonne (31,000INR/tonne). Rebar prices unchanged delivered Mumbai 495USD/tonne (47,300INR/tonne). In South India, billet unchanged delivered Chennai at 455USD/tonne (43,500INR/tonne).