[SMM Iron Ore Inventory] Port Inventories Accumulate Again; Divergence Seen Across Product Grades

[India] India’s domestic steel market remained stable but cautious on Monday compared with Friday with scrap and finished steel prices largely unchanged across key regions. The market sentiment is bearish and subdued with buyers adopting a wait-and-watch approach amid limited price movement and balanced demand-supply conditions. In northern Mandi Gobindgarh, HMS 1&2 (80:20) flat delivered Mandi 355USD/tonne (33,900 INR/tonne). Billet prices stable delivered Mandi at 443USD/tonne (42,400INR/tonne). Meanwhile, Mumbai HMS 1&2 (80:20) unchanged delivered Mumbai 324USD/tonne (31,000INR/tonne). Rebar prices unchanged delivered Mumbai 495USD/tonne (47,300INR/tonne). In South India, billet unchanged delivered Chennai at 455USD/tonne (43,500INR/tonne).

[Flat Products]Today some HRC and other flat-product export prices were steady to slightly higher day on day, with HRC transaction prices at 484-487 USD/tonne. The trading atmosphere was ordinary today and few firm deals were heard in flat products. [Billet]Today billet export FOB prices were steady, with Jiangyin port offers at 448-453 USD/tonne. According to market feedback, mills continue to operate at a loss and are largely optimistic about prices ahead, so export offers are hard to push down; with the renminbi currently weaker, overseas buyers are resistant to higher offers and deals are difficult to conclude. [Rebar]Today rebar export offers at Tianjin port were steady, with overall transaction prices at 472-477 USD/tonne. According to exporters, wait-and-see sentiment built through the day, overseas enquiries were clearly weaker than last week, and no transactions have been reported so far.