[SMM Steel] India domestic steel prices rise amid steady demand

Steel Authority of India Ltd (SAIL) outlined a target of selling approximately 3 million mt of subgrade iron ore fines in FY2026–27 as part of efforts to monetize an accumulated stockpile of around 32 million mt. During the company’s 28 July investor call, Chairman and Managing Director Ashok Panda said approximately 3 million mt had already been offered for auction, with bid prices awaited at the time. Management cited demand for subgrade fines containing around 59–60% iron and Bolani tailings containing approximately 56–58% iron. Logistics remained a constraint, with SAIL seeking better railway rake availability and increased road dispatches to support ore shipments.

Bharat Heavy Electricals Limited’s Haridwar plant has opened a tender for 40 tonnes of ferromolybdenum. The procurement uses a reverse auction and may be split 60:40 between up to two suppliers. The delivery schedule calls for 25 tonnes within 30 days of the contract start and 15 tonnes within 60 days. Under the price-adjustment formula, 80% of the invoiced price is linked to the Argus 60% Mo ferromolybdenum ex-works India index. The tender also includes a quantity option of up to 25%. No award or transaction price has yet been disclosed.

[India Export] Indian HRC export prices remained unchanged at 660USD/tonne FOB India for Europe and 730-750USD/tonne CFR North Europe, while Vietnam-bound HRC held at 567.5USD/tonne CFR. Last-heard European deals were at 720–730USD/tonne CFR, with subsequent offers at 740–750USD/tonne CFR yet to be confirmed in fresh transactions. European buying remained cautious, with distributors holding sufficient inventories and limiting restocking, even as higher costs and supply constraints supported mills’ price expectations. Chinese HRC offers were last heard at 580USD/tonne CFR India, while Indian billet exports were assessed unchanged at 467.5USD/tonne FOB India. Domestically, Mumbai HRC remained at approximately 656USD/tonne (63,000INR/tonne) EXW, excluding GST. Higher coking-coal costs continued to support domestic mill sentiment, while market participants cited expectations of stronger post-monsoon infrastructure and automotive demand.