[SMM Steel] Indian Domestic Steel Market Remains Mostly Stable
[India Domestic] Domestic steel and scrap prices were mostly flat on a day-to-day basis. Some finished steel products saw modest gains and market sentiment remained cautiously positive with some improvement in finished-steel demand. PDRI sponge iron unchanged at 304.02USD/tonne (28,800INR/tonne) EXW Raipur. Rebar up by 1.05USD/tonne (100INR/tonne) to 530.97USD/tonne (50,300INR/tonne) EXW Mumbai. Raipur billet up by 2.11USD/tonne (200INR/tonne) to 445.47USD/tonne (42,200INR/tonne) EXW Raipur. Mandi Billet unchanged at 489.80USD/tonne (46,400INR/tonne) delivered Mandi. Ingot flat at 489.80USD/tonne (46,400INR/tonne) EXW Mandi. HMS 1&2 (80:20) flat at 399USD/tonne (37,800INR/tonne) delivered Mandi. Mumbai HMS 1&2 (80:20) flat at 377.89USD/tonne (35,800INR/tonne) delivered Mumbai. Buying remained largely requirement-based, while mills continued to monitor raw-material availability and procurement costs.