[SMM Steel]

Indian HRC export indications for Europe remained around 670 USD/tonne FOB India early in the week, unchanged from the previous week, while the latest destination indications held around 750 USD/tonne CFR, also unchanged week on week. Fresh firm offers to Vietnam and the Middle East remained limited, with Europe continuing to attract the main export interest. Indian billet seller expectations moved higher to approximately 490–510 USD/tonne FOB India this week, compared with last week’s 465–470 USD/tonne indications, although fresh transactions at the higher levels remained unconfirmed. Domestic Indian HRC indications were approximately 659–664 USD/tonne (62,500–63,000 INR/tonne) EXW Mumbai, excluding 18% GST, with some offers reaching 669 USD/tonne (63,500 INR/tonne). Automotive demand and reported maintenance at Tata Steel Meramandali and JSW supported sellers’ pricing expectations. Earlier coking-coal increases feeding through contract-pricing formulas added cost support, while buyer acceptance remained the key test for higher offers.

[India Domestic] India’s domestic steel prices remained mostly stable to lower across major markets on Oct 16 amid slow trading activity and limited demand. Buyers stayed cautious ahead of the Dussehra holiday. Market activity may improve next week after the festival, although a significant price movement will depend on a recovery in buying interest. Mumbai rebar trend sideways over a week at 565 USD/tonne (53,700 INR/tonne) EXW Mumbai. Chennai billet flat 500 USD/tonne (47,500 INR/tonne) delivered Chennai. Mandi ingot edged down 2 USD/tonne (200 INR/tonne) to 490 USD/tonne (46,500 INR/tonne) EXW Mandi. Mandi HMS 1&2 (80:20) down 1 USD/tonne (100 INR/tonne) to 397 USD/tonne (37,700 INR/tonne) delivered Mandi. Bellary PDRI sponge iron unchanged 305 USD/tonne (29,000 INR/tonne) EXW Bellary.

India’s domestic steel and scrap prices mostly declined week on week amid subdued demand and limited trading activity. Buyers continued to focus on immediate requirements, while festive-related caution weighed on restocking. Power cuts in some regions affected steel production, although their overall impact on supply remained unclear. Weak buying interest kept prices under pressure. Raipur rebar down 13 USD/tonne (1,300 INR/tonne) WoW to 544 USD/tonne (51,700 INR/tonne) EXW Raipur. Mumbai rebar unchanged 465 USD/tonne (53,700 INR/tonne) EXW Mumbai. Mandi ingot dropped by 16 USD/tonne (1,500 INR/tonne) to 489 USD/tonne (46,500 INR/tonne) EXW Mandi. Billet down 13 USD/tonne (1,300 INR/tonne) to 499 USD/tonne (47,500 INR/tonne) delivered Chennai. HMS 1&2 (80:20) down 15 USD/tonne (1,500 INR/tonne) to 396 USD/tonne (37,700 INR/tonne) delivered Mandi. Melting down 1 USD/tonne (100 INR/tonne) to 391 USD/tonne (37,200 INR/tonne) ex-yard Alang. PDRI sponge iron down 14 USD/tonne (1,400 INR/tonne) to 294 USD/tonne (28,000 INR/tonne) EXW Raipur.