Data: SHFE, DCE market movement (Jul 29)

An Indian state-owned steelmaker and an Indonesian producer have firmed up plans to invest USD 350 million in a stainless steel slab plant in Indonesia. The facility will have annual capacity of 500,000 tonnes and is expected to start operations within three to four years. A technical team will visit Indonesia next month to prepare a feasibility report before the partners finalize the joint venture’s equity structure and approval schedule. The plant’s entire output is expected to be shipped to India for rolling and finishing.

[India] HMS 80:20 ship-breaking melting scrap prices in Alang, Gujarat, remained stable at approximately USD 353/tonne ex-yard. Tight scrap availability and logistics constraints continued to support the market, while firmer finished-steel prices in Gujarat also helped stabilize sentiment. However, downstream steel demand remained subdued, and mills and recyclers largely restricted procurement to immediate requirements rather than rebuilding inventories. Prices are expected to remain rangebound in the near term.