[SMM Steel] India Domestic Steel Prices Ease on Slow Demand, Cautious Buying

Published: Sep 24, 2026 16:33 (GMT+8)

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[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.

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