[SMM Steel] India Steel Market Remains Subdued Amid Festive Slowdown

Published: Oct 16, 2026 15:27 (GMT+8)

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[India Domestic] India’s domestic steel prices remained mostly stable to lower across major markets on Oct 16 amid slow trading activity and limited demand. Buyers stayed cautious ahead of the Dussehra holiday. Market activity may improve next week after the festival, although a significant price movement will depend on a recovery in buying interest. Mumbai rebar trend sideways over a week at 565 USD/tonne (53,700 INR/tonne) EXW Mumbai. Chennai billet flat 500 USD/tonne (47,500 INR/tonne) delivered Chennai. Mandi ingot edged down 2 USD/tonne (200 INR/tonne) to 490 USD/tonne (46,500 INR/tonne) EXW Mandi. Mandi HMS 1&2 (80:20) down 1 USD/tonne (100 INR/tonne) to 397 USD/tonne (37,700 INR/tonne) delivered Mandi. Bellary PDRI sponge iron unchanged 305 USD/tonne (29,000 INR/tonne) EXW Bellary.

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