[SMM Steel]

[India Domestic] Domestic steel prices extended decline amid weak demand and cautious buying. The small decline looks like a short pause after a big rise as buyers wait to see whether prices hold. Mandi ingot down 8 USD/tonne (800 INR/tonne) to 485 USD/tonne (46,500 INR/tonne) EXW Mandi. HMS 1&2 (80:20) down 7 USD/tonne (700 INR/tonne) to 394 USD/tonne (37,800 INR/tonne) delivered Mandi. Raipur billet down 5 USD/tonne (500 INR/tonne) to 453 USD/tonne (43,500 INR/tonne) EXW Raipur. Domestic demand and firm raw-material costs are supporting local billet prices, while overseas buyers remain cautious and are resisting higher offers. Mumbai Rebar decreased 5 USD/tonne (500 INR/tonne) to 537 USD/tonne (51,500 INR/tonne) EXW Mumbai. Sponge iron PDRI down 3 USD/tonne (300 INR/tonne) to 289 USD/tonne (27,800 INR/tonne) EXW Raipur. Domestic steel market may pick up after the monsoon and prices may likely to go up in coming weeks which could support rebar demand.

[Steel Billet] Billet export FOB prices held stable with a soft tone today, with offers at Jiangyin Port at $465–470/mt. According to market research, billet exports have seen inquiries recently, but buyers' ideal price levels are relatively low. Considering the pressure of absorbing supply amid domestic demand, some mills made slight price concessions in their sales.