[SMM Steel]

[India Domestic] India’s domestic steel prices softened on Oct 13 amid subdued buying interest and limited trading activity. Buyers continued to purchase mainly for immediate requirements, keeping sellers under pressure. Steel mills in Chhattisgarh are facing power cuts reducing production. High electricity prices and rising coal and pellet costs have also prompted some producers to sell power to the grid rather than produce steel, squeezing operating margins. Mumbai rebar flat over a week at 564 USD/tonne (53,700 INR/tonne) EXW Mumbai. While Raipur rebar down 4 USD/tonne (400 INR/tonne) to 545 USD/tonne (51,900 INR/tonne) EXW Raipur. PDRI sponge iron down 4 USD/tonne (400 INR/tonne) to 298 USD/tonne (28,400 INR/tonne) EXW Raipur. A Few trades concluded at the current price level. Mandi ingot dropped 8 USD/tonne (800 INR/tonne) to 490 USD/tonne (46,700 INR/tonne) EXW Mandi. Billet down 5 USD/tonne (500 INR/tonne) to 460 USD/tonne (43,800 INR/tonne) delivered Durgapur.

[India Export] Indian HRC export indications remained unchanged at around 670USD/tonne FOB India for Europe, with the festive lull slowing fresh negotiations. Europe continued to attract seller interest, while fresh offers to Vietnam and the Middle East remained limited. Billet export prices also held steady, with sellers continuing to favour domestic sales. In Mumbai, HRC prices were stable at around 64,700INR/tonne ex-yard, excluding GST. Automotive demand and supply gaps reported in certain pockets provided support to domestic pricing, although quieter spot activity offered little impetus for another increase. With prices holding and fresh business thin, the strength of buying after the festive pause will be the next test for the market.

[Rebar] Today, rebar export quotations at Tianjin Port remained stable, with overall transaction prices ranging from USD 476-481/ton. According to exporters, market inquiries were decent today, and some mills received new orders from the Singapore market, mainly in small batches.