[SMM India Domestic Market Weekly Review] India Domestic Steel and Scrap Prices Show Mixed Trend
Indian domestic market showed a mixed trend on Monday compared with last week, with several steel prices declining WoW, while billet and sponge iron prices increased and scrap prices mostly eased. Melting down 9 USD/tonne (900 INR/tonne) to 385 USD/tonne (37,000 INR/tonne) ex-yard Alang. Mandi ingot dropped by 3 USD/tonne (300 INR/tonne) WoW to 494 USD/tonne (47,400 INR/tonne) delivered Mandi. HMS 1&2 (80:20) down 6 USD/tonne (600 INR/tonne) to 400 USD/tonne (38,400 INR/tonne) delivered Mandi. Rebar prices up 1 USD/tonne (100 INR/tonne) to 533 USD/tonne (51,200 INR/tonne) EXW Raipur. Mumbai rebar down 10 USD/tonne (1,000 INR/tonne) to 536 USD/tonne (51,500 INR/tonne) EXW Mumbai. Billet up 6 USD/tonne (600 INR/tonne) to 469 USD/tonne (45,000 INR/tonne) EXW Raipur. PDRI sponge iron up 6 USD/tonne (600 INR/tonne) to 304 USD/tonne (29,200 INR/tonne) EXW Raipur. Demand remained cautious with buyers mostly following need-based purchases. Looking ahead, demand may improve gradually as the monsoon season eases and festive activity picks up.