[SMM Steel] India Domestic Steel and scrap Market Slows as Buyers Stay Cautious
[India Domestic] Domestic market activity slowed on Monday, with prices moving lower to flat from Friday. Market participants remained largely in a wait-and-watch mode, with buyers cautious about fresh purchases at current levels and sellers adjusting offers selectively to attract business. Mandi HMS 1&2 (80:20) down by 2 USD/tonne (200 INR/tonne) to 407 USD/tonne (39,000 INR/tonne) delivered Mandi as buying interest remained limited. Alang Melting 3 USD/tonne (300 INR/tonne) to 395 USD/tonne (37,900 INR/tonne) ex-yard Alang. PDRI sponge iron down 9 USD/tonne (900 INR/tonne) to 298 USD/tonne (28,600 INR/tonne) EXW Raipur. Billet down by 1 USD/tonne (100 INR/tonne) to 463 USD/tonne (44,400 INR/tonne) EXW Raipur. Buyers showed resistance to higher levels and mills remained cautious about fresh bookings amid slower spot activity. Durgapur billet inched down 1 USD/tonne (100 INR/tonne) to 464 USD/tonne (44,500 INR/tonne) delivered Durgapur. Rebar prices up by 1 USD/tonne (100 INR/tonne) to 548 USD/tonne (52,500 INR/tonne) EXW Mumbai. While Raipur rebar flat at 533 USD/tonne (51,100 INR/tonne) EXW Raipur.