[SMM Steel] Indian Steel Market Stable; Imported Scrap Demand Weak
[India] India’s steel market remained largely stable, with mills favouring domestic scrap and sponge iron amid limited import buying. HMS 1&2 (80:20) stood at 340USD/tonne CFR India, while shredded scrap was indicated at 395USD/tonne CFR India and 415 USD/tonne CFR Port Qasim. India-origin HRC into Vietnam was indicated near 515USD/tonne CFR, although this was not a firm offer as prevailing Indian FOB levels were higher. Vietnamese buyers indicated 505–510USD/tonne CFR, with purchasing interest limited. Billet export indications stood at 440–455USD/tonne FOB India. With only marginal movements across major regions. HRC stood near 609USD/tonne (58,100INR/tonne) EXW Mumbai, while Raipur billet was around 410USD/tonne (39,150INR/tonne) EXW, up marginally.