[SMM Steel] India Domestic Steel Market Remains Soft Amid Cautious Buying

Published: Sep 7, 2026 16:24

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[India Domestic] India’s domestic steel market showed weaker prices for sponge iron and ingot, mainly due to slower buying interest. PDRI sponge iron prices down by 3.17USD/tonne (300INR/tonne) to 312.32USD/tonne (29,500INR/tonne) EXW Bellary. PDRI sponge iron prices down by 4.23USD/tonne (400INR/tonne) to 304.90USD/tonne (28,800INR/tonne) EXW Raipur. Rebar up by 1.05USD/tonne (100INR/tonne) to 531.47USD/tonne (50,200INR/tonne) EXW Mumbai. Raipur billet flat at 444.65USD/tonne (42,000INR/tonne) EXW Raipur. Ingot down by 1.05USD/tonne (100INR/tonne) to 491.21USD/tonne (46,400INR/tonne) EXW Mandi. In Mandi Gobindgarh, HMS 1&2 (80:20) slipped by 1.05USD/tonne (100INR/tonne) to 400USD/tonne (37,800INR/tonne) delivered Mandi. Chennai HMS 1&2 (80:20) rose by 5.29USD/tonne (500INR/tonne) to 359.95USD/tonne (34,000INR/tonne) delivered Chennai. HMS is currently being offered at 354.65USD/tonne (33,500INR/tonne) a decent level in Chennai market. Overall, steel market sentiment remains soft with buyers adopting a wait-and-watch approach amid limited demand and subdued trade activity.

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