[SMM Steel]

The domestic steel market strengthened WoW, with key steel and scrap prices rising, supported mainly by higher raw material costs. Despite the weekly gains, market activity was slower at the start of this week due to the Ganesh Chaturthi festival with some buyers and market participants remaining inactive. Toward the end of the week, price momentum eased, with most prices flat to slightly lower. Mandi billet rose by 11.47USD/tonne (1,100INR/tonne) week on week to 500.56USD/tonne (48,000INR/tonne) delivered Mandi. In Mandi Gobindgarh, HMS 1&2 (80:20) rose by 9.38USD/tonne (900INR/tonne) to 408.79USD/tonne (39,200INR/tonne) delivered Mandi. Rebar prices increased by 14.60USD/tonne (1,400INR/tonne) to 532.94USD/tonne (51,100INR/tonne) EXW Raipur. PDRI sponge iron prices unchanged at 307.66USD/tonne (29,500INR/tonne) EXW Raipur Alang Melting up by 5.21USD/tonne (500INR/tonne) to 398.39USD/tonne (38,200INR/tonne) ex-yard Alang. Steel prices may remain firm in the coming week amid higher raw material costs.

[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.

Tosyalı SULB, a joint venture between Turkish steelmaker Tosyalı Holding and Libya United Steel Company for Iron and Steel Industry, plans to attract around $2.5 billion in investment for a direct reduced iron (DRI) project near Benghazi, with commercial production targeted for early 2028. The complex will comprise three DRI production units with combined annual capacity of 8.1 million mt once fully completed, with the first phase set at around 2.7 million mt/year — natural gas supply arrangements for this phase are already in place, alongside a dedicated power facility under development. Chairman Ahmed Gadallah said about 90% of output is targeted for export, mainly to Europe, while the remainder will supply rebar and steel pipes for Libya's domestic market.