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The domestic steel market strengthened WoW, with key steel and scrap prices rising, supported mainly by higher raw material costs. Despite the weekly gains, market activity was slower at the start of this week due to the Ganesh Chaturthi festival with some buyers and market participants remaining inactive. Toward the end of the week, price momentum eased, with most prices flat to slightly lower. Mandi billet rose by 11.47USD/tonne (1,100INR/tonne) week on week to 500.56USD/tonne (48,000INR/tonne) delivered Mandi. In Mandi Gobindgarh, HMS 1&2 (80:20) rose by 9.38USD/tonne (900INR/tonne) to 408.79USD/tonne (39,200INR/tonne) delivered Mandi. Rebar prices increased by 14.60USD/tonne (1,400INR/tonne) to 532.94USD/tonne (51,100INR/tonne) EXW Raipur. PDRI sponge iron prices unchanged at 307.66USD/tonne (29,500INR/tonne) EXW Raipur Alang Melting up by 5.21USD/tonne (500INR/tonne) to 398.39USD/tonne (38,200INR/tonne) ex-yard Alang. Steel prices may remain firm in the coming week amid higher raw material costs.

[India Domestic] India’s domestic steel market remained largely stable with some prices edging lower while finished steel prices were mostly unchanged. Buying remained cautious keeping near-term demand subdued, while supply remained adequate. Mandi HMS 1&2 (80:20) down by 2.08USD/tonne (200INR/tonne) to 388.18USD/tonne (37,200INR/tonne) delivered Mandi. Rebar prices up by 3.13USD/tonne (300INR/tonne) to 546.80USD/tonne (52,400INR/tonne) EXW Mumbai. While Raipur rebar unchanged at 533.20USD/tonne (51,100INR/tonne) EXW Raipur. PDRI sponge iron flat at 307USD/tonne (29,500INR/tonne) EXW Raipur for the third consecutive day. Bellary PDRI sponge iron prices edged down with buyers bidding around 319.29-320.33USD/tonne (30,600–30,700INR/tonne). Some deals were concluded at these levels, while sellers with good order books were unwilling to reduce their offers below 323.46USD/tonne (31,000INR/tonne). A few sellers were offering as high as 326.59-328.68USD/tonne (31,300–31,500INR/tonne), according to sources.

There have been price changes since last week: rebar (505→510 USD/metric ton), slab (485→490 USD/metric ton), HRC (525→528 USD/metric ton), and billet (480→485->480->478 USD/metric ton). This is due to manufacturers trying to gauge the market on how they will react. However, it seems that it is the billet that is reacting. When prices were raised, it turned out that Chinese steel products, especially billet, experienced a decline. Ultimately, the prices in Indonesia had no choice but to lower. However, now that buyers' expectations are 5-10 USD/ton lower than the manufacturers', the manufacturers are now trying to reduce billet prices. Let's see what happens in the market next week, but if buyers have a stronger market position, then prices are likely to drop next week as well.