[BHP Port Union Talks Break Down; Arbitration to Be Sought for New Labour Agreement]

[India Domestic] India's domestic steel market extended its upward momentum on Tuesday against Sept 14 with prices all moving higher on strong buying interest. Billet-makers remain positive on near-term demand and are passing on higher sponge iron costs with rolling mills showing limited resistance to the price increases so far. Mandi billet up by 10.42USD/tonne (1,000INR/tonne) to 499.42USD/tonne (47,900INR/tonne) delivered Mandi. PDRI sponge iron up by 3.12USD/tonne (300INR/tonne) to 310.70USD/tonne (29,800INR/tonne) EXW Raipur. Mandi HMS 1&2 (80:20) rose by 10.42USD/tonne (1,000INR/tonne) to 409.74USD/tonne (39,300INR/tonne) delivered Mandi. Chennai HMS 1&2 (80:20) up by 8.33USD/tonne (800INR/tonne) to 362.74USD/tonne (34,800INR/tonne) delivered Chennai. Market activity has picked up with buyers bidding around 359.63-360.67USD/tonne (34,500–34,600INR/tonne), while offers are heard at around 364.84-365.86USD/tonne (35,000–35,100INR/tonne). Market participants noted the market as active with firm buying interest and limited willingness among sellers to reduce offers. Rebar increased by 11.46USD/tonne (1,100INR/tonne) to 529.63USD/tonne (50,800INR/tonne) EXW Raipur.