[SMM Steel] India Domestic Steel Prices Mostly Stable
[India Domestic] India's domestic steel and scrap market remained largely stable with prices showing limited movement across key markets amid soft demand on Wednesday. Semi-finished steel and rebar prices were mostly unchanged as sales stayed weak. Melting scrap down 3 USD/tonne (300 INR/tonne) to 396 USD/tonne (38,000 INR/tonne) ex-yard Alang. Mandi ingot up 1 USD/tonne (100 INR/tonne) to 504 USD/tonne (48,300 INR/tonne) EXW Mandi from Tuesday’s morning but remained flat from last index. Rebar prices flat 540 USD/tonne (51,800 INR/tonne) EXW Raipur. Billet edged down 2 USD/tonne (200 INR/tonne) to 471 USD/tonne (45,200 INR/tonne) EXW Raipur. Durgapur Billet flat at 473 USD/tonne (45,300 INR/tonne) delivered Durgapur. Sponge iron PDRI unchanged at 324 USD/tonne (31,100 INR/tonne) EXW Bellary. Raipur PDRI also flat at 308 USD/tonne (29,500 INR/tonne) EXW Raipur. Market participants views on the near-term price outlook with some buyers expecting prices to correct further.