[SMM Steel]

[India Domestic] Domestic steel market up slightly day to day amid relatively tight raw material availability. Maharashtra market remained relatively slow due to the ongoing Ganesh Chaturthi festival. Mandi HMS 1&2 (80:20) up by 1.04USD/tonne (100INR/tonne) to 410.58USD/tonne (39,400INR/tonne) delivered Mandi. Melting up by 1.04USD/tonne (100INR/tonne) to 403.29USD/tonne (38,700INR/tonne) ex-yard Alang. PDRI sponge iron up by 3.12USD/tonne (300INR/tonne) to 307.41USD/tonne (29,500INR/tonne) EXW Raipur. Bellary PDRI sponge iron rose by 3.12USD/tonne (300INR/tonne) to 326.16USD/tonne (31,300INR/tonne) EXW Bellary with sellers quoting around 328.28USD/tonne (31,500INR/tonne), buyers at 324-325USD/tonne (31,100–31,200INR/tonne) and heard some deals reportedly closing near 31,300INR/tonne. Raipur billet increased by 1.04USD/tonne (100INR/tonne) to 463.72USD/tonne (44,500INR/tonne) EXW Raipur. With the monsoon season nearing its end, construction activity is picking up pace, which may support demand and prices in the near term.

[SMM Steel] Market feedback indicates that for Q235B, the FOB price of HRC with specifications of 3.5*1250*C is quoted at $497/mt, with the port of shipment being Bayuquan.

[Sheets & Plates] Hot-rolled coil and other sheets & plates export prices rose $2/mt WoW today, with HRC transaction prices concentrated in the $491-494/mt range. The Bayuquan Port in Northeast China has recently tightened inspections on port departures, which has also provided a favorable boost to steel mills in the Northeast. Recent export transactions for sheets & plates are reportedly improving, mainly flowing to Türkiye, India, and the Middle East markets.