[SMM India Domestic Market Weekly Review] India's Steel and Scrap Prices Ease Ahead of Diwali

Published: Nov 06, 2026 15:47 (GMT+8)

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India's domestic steel market remained under pressure during Oct 30-Nov 6, with prices across most product categories declined week-on-week. Steel and scrap prices decreased up to by 2-8 USD/tonne (200-800 INR/tonne) across the cities. Market activity remained subdued ahead of the Diwali holidays, as buyers focused mainly on immediate requirements rather than fresh bulk purchases. With festive closures approaching, trading activity is likely to remain limited in the near term. Jalna rebar down 5 USD/tonne (500 INR/tonne) to 526 USD/tonne (49,500 INR/tonne) EXW Jalna. Mumbai rebar declined 2 USD/tonne (200 INR/tonne) to 551 USD/tonne (51,900 INR/tonne) EXW Mumbai. Raipur billet dropped 2 USD/tonne (200 INR/tonne) to 451 USD/tonne (42,500 INR/tonne) EXW Raipur. PDRI sponge iron down 1 USD/tonne (100 INR/tonne) to 305 USD/tonne (28,700 INR/tonne) EXW Bellary. HMS 1&2 (80:20) down 8 USD/tonne (800 INR/tonne) to 386 USD/tonne (36,300 INR/tonne) delivered Mandi. Melting down 8 USD/tonne (800 INR/tonne) to 395 USD/tonne (37,200 INR/tonne) ex-yard Alang.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

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