Futures Market Fluctuates Downward, Spot Price Remains Stable [SMM Manganese Silicon Futures Review]

The European Commission initiated an expiry review of anti-dumping duties on wire rod originating in China on October 12, following a request submitted by the European Steel Association (EUROFER) on June 30, 2026. The investigation covers specified hot-rolled wire rod products made from iron, non-alloy steel and alloy steel other than stainless steel. Existing anti-dumping duties generally stand at 24%, with an individual rate of 7.9% applicable to the Valin Group. Although the measures were previously scheduled to expire on October 14, they will remain in force during the review. The Commission will assess whether removing the duties could lead to renewed dumping and injury to European producers. The decision maintains existing import protection for European wire rod manufacturers, preventing an immediate removal of tariff barriers against the covered Chinese products, but does not introduce additional duties or immediately change import costs.

India's National Company Law Tribunal (NCLT) approved the merger of Piombino Steel Limited into JSW Steel on October 16, according to an October 17 exchange filing. Piombino Steel, in which JSW Steel holds an 82.65% stake, serves as a holding company for investments linked to Bhushan Power & Steel Limited, which operates an integrated steel complex in Odisha. The merger will enable JSW Steel to hold these investments more directly, reducing corporate layers and simplifying ownership and administrative processes. Under the approved arrangement, eligible Piombino Steel shareholders will receive 10 JSW Steel shares for every 156 Piombino Steel shares held. The merger will become effective following the required filings with the Registrar of Companies. The development represents a corporate restructuring rather than additional steelmaking capacity, with no immediate change in steel production or market supply.

[India Domestic] India’s domestic steel market remained weak with prices mostly trending downward. Demand was subdued with buyers less active and trading volumes limited due to the ongoing Navratri festival and Dussehra on Tuesday. Market activity may improve next week after the festival, although a significant price movement will depend on a recovery in buying interest. Mumbai rebar down 7 USD/tonne (700 INR/tonne) 559 USD/tonne (53,000 INR/tonne) EXW Mumbai. Raipur Rebar declined 4 USD/tonne (400 INR/tonne) to 541 USD/tonne (51,300 INR/tonne) EXW Raipur. Raipur billet edged down 1 USD/tonne (100 INR/tonne) to 464 USD/tonne (44,000 INR/tonne) EXW Raipur. Mandi ingot up 2 USD/tonne (200 INR/tonne) to 492 USD/tonne (46,700 INR/tonne) EXW Mandi. HMS 1&2 (80:20) unchanged 397 USD/tonne (37,700 INR/tonne) delivered Mandi. Raipur PDRI sponge iron down 3 USD/tonne (300 INR/tonne) to 292 USD/tonne (27,700 INR/tonne) EXW Raipur.