[SMM Steel] India Steel Prices Fall Amid Subdued Trading
[India Domestic] India’s domestic prices declined across cities on Oct 12 from Oct 9 amid cautious buying and limited demand support. Trading activity remained subdued as buyers focused mainly on immediate requirements rather than fresh restocking. Mumbai rebar flat at 561 USD/tonne (53,700 INR/tonne) EXW Mumbai. Mumbai rebar prices unchanged for a week. PDRI sponge iron down 6 USD/tonne (600 INR/tonne) to 301 USD/tonne (28,800 INR/tonne) EXW Raipur. While Bellary PDRI also declined 5 USD/tonne (500 INR/tonne) to 308 USD/tonne (29,500 INR/tonne) EXW Bellary. A Few trades concluded at the current price level. Market participants expect prices to soften further to around 305-306 USD/tonne (29,200-29,300 INR/tonne). Alang Melting down 8 USD/tonne (800 INR/tonne) to 381 USD/tonne (36,500 INR/tonne) ex-yard Alang. Mandi ingot dropped 6 USD/tonne (600 INR/tonne) to 496 USD/tonne (47,500 INR/tonne) EXW Mandi. Billet down 10 USD/tonne (1,000 INR/tonne) to 466 USD/tonne (44,600 INR/tonne) EXW Raipur.