[SMM Steel] India Domestic Steel Market Remains Largely Stable

Published: Sep 18, 2026 16:34

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[India Domestic] India’s domestic steel market remained largely stable with some prices edging lower while finished steel prices were mostly unchanged. Buying remained cautious keeping near-term demand subdued, while supply remained adequate. Mandi HMS 1&2 (80:20) down by 2.08USD/tonne (200INR/tonne) to 388.18USD/tonne (37,200INR/tonne) delivered Mandi. Rebar prices up by 3.13USD/tonne (300INR/tonne) to 546.80USD/tonne (52,400INR/tonne) EXW Mumbai. While Raipur rebar unchanged at 533.20USD/tonne (51,100INR/tonne) EXW Raipur. PDRI sponge iron flat at 307USD/tonne (29,500INR/tonne) EXW Raipur for the third consecutive day. Bellary PDRI sponge iron prices edged down with buyers bidding around 319.29-320.33USD/tonne (30,600–30,700INR/tonne). Some deals were concluded at these levels, while sellers with good order books were unwilling to reduce their offers below 323.46USD/tonne (31,000INR/tonne). A few sellers were offering as high as 326.59-328.68USD/tonne (31,300–31,500INR/tonne), according to sources.

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