[SMM Steel] India Domestic Steel Market Remains Subdued Ahead of Diwali
[India Domestic] India's domestic steel prices remained largely unchanged on Nov 5 with slight gains in Alang scrap, Mandi ingot prices, while rebar and billet prices mostly trended sideways for the three consecutive days across the cities. Buying activity remained weak with limited trading interest and need-based purchases. Market sentiment is likely to remain subdued ahead of the Diwali holidays. Alang Melting up 1 USD/tonne (100 INR/tonne) to 396 USD/tonne (37,400 INR/tonne) ex-yard Alang. Mandi HMS 1&2 (80:20) inched up 1 USD/tonne (100 INR/tonne) to 385 USD/tonne (36,400 INR/tonne) delivered Mandi. Mumbai Rebar unchanged 550 USD/tonne (51,900 INR/tonne) EXW Mumbai. Raipur rebar flat 526 USD/tonne (49,700 INR/tonne) EXW Raipur. Jalna rebar flat 524 USD/tonne (49,500 INR/tonne) EXW Jalna. Durgapur billet flat 454 USD/tonne (42,900 INR/tonne) delivered Durgapur. Mandi ingot up 1 USD/tonne (100 INR/tonne) to 482 USD/tonne (45,500 INR/tonne) EXW Mandi. Raipur PDRI sponge iron unchanged 300 USD/tonne (28,400 INR/tonne) EXW Raipur.