Algoma Steel Group Suspends EAF Production Due to Unplanned LSP Outage

[Sheets & Plates] Today, export prices of HRC and other sheets & plates were flat day on day, with HRC transaction prices at $484-487/mt. Export prices recently stabilized and rebounded somewhat. Market feedback indicated that inquiries from outside China increased somewhat, but market participants still mainly held a wait-and-see stance, and actual transactions showed no notable improvement.

[India] India’s steel market remained largely stable, with mills favouring domestic scrap and sponge iron amid limited import buying. HMS 1&2 (80:20) stood at 340USD/tonne CFR India, while shredded scrap was indicated at 395USD/tonne CFR India and 415 USD/tonne CFR Port Qasim. India-origin HRC into Vietnam was indicated near 515USD/tonne CFR, although this was not a firm offer as prevailing Indian FOB levels were higher. Vietnamese buyers indicated 505–510USD/tonne CFR, with purchasing interest limited. Billet export indications stood at 440–455USD/tonne FOB India. With only marginal movements across major regions. HRC stood near 609USD/tonne (58,100INR/tonne) EXW Mumbai, while Raipur billet was around 410USD/tonne (39,150INR/tonne) EXW, up marginally.

[India] India’s domestic steel market was slightly stronger on Tuesday with marginal price gains across key steel products. Buying remained cautious and buyers adopting a wait-and-watch approach, while overall demand was moderate and market sentiment improved slightly. In northern Mandi Gobindgarh, HMS 1&2 (80:20) edged up by 1.05USD/tonne to 355USD/tonne delivered Mandi (34,000INR/tonne). Billet prices increased by 2.09USD/tonne to 445USD/tonne delivered Mandi (42,600INR/tonne) Meanwhile, Mumbai Rebar prices up by 1.05USD/tonne to 495USD/tonne EXW Mumbai (47,400INR/tonne). Sponge iron PDRI moved up by 4.18USD/tonne to 282USD/tonne EXW Bellary (27,000INR/tonne).