[SMM Steel] India Domestic Steel Market Extends Uptrend on Strong Buying Interest

[Sheets & Plates] HRC and other sheets & plates export prices rose $1/mt WoW today, with HRC transaction prices concentrated in the $490-495/mt range. Domestic sellers currently have limited room to cut prices and mostly hold prices firm.

[SMM Steel] Market feedback indicates that for Q235B HRC with specifications of 3.5*1250*C, the FOB transaction price was $496/mt, with shipment from Jingtang Port to Pakistan.

The UK government announced on September 14 that it will work towards the public acquisition of Speciality Steel UK (SSUK) after concluding that the proposed sale to the preferred private-sector bidder could not provide sufficient long-term stability, certainty or value for money. SSUK operates sites in Rotherham, Stocksbridge, Brinsworth and Wednesbury, supporting more than 1,300 jobs, and produces speciality steels used in the aerospace, defence, automotive and advanced-manufacturing sectors. The UK government's steel strategy lists SSUK's Rotherham operation with around 1.2Mtpa of electric-arc-furnace capacity. The government said any acquisition and future spending remain subject to due diligence, while options being considered include continued speciality-steel production, regeneration and future private investment. Separately, Business Secretary Jonathan Reynolds was reported as estimating that the overall intervention could cost around $472 million (£350 million), including creditor settlements, asset acquisition and working capital; however, this figure was not included in the government's formal announcement and should be treated as a reported estimate rather than a committed acquisition price.