[SMM Steel] India Steel Market: Mild Uptrend
[India] India’s domestic steel market was slightly stronger on Tuesday with marginal price gains across key steel products. Buying remained cautious and buyers adopting a wait-and-watch approach, while overall demand was moderate and market sentiment improved slightly. In northern Mandi Gobindgarh, HMS 1&2 (80:20) edged up by 1.05USD/tonne to 355USD/tonne delivered Mandi (34,000INR/tonne). Billet prices increased by 2.09USD/tonne to 445USD/tonne delivered Mandi (42,600INR/tonne) Meanwhile, Mumbai Rebar prices up by 1.05USD/tonne to 495USD/tonne EXW Mumbai (47,400INR/tonne). Sponge iron PDRI moved up by 4.18USD/tonne to 282USD/tonne EXW Bellary (27,000INR/tonne).