Steel Market Update

Advisory Bazaar Info Services

* Iron ore futures weakened today. The DCE most-traded I2701 contract settled at 718 yuan/mt, down 1.78% from the previous session. Qingdao port spot prices declined by 8–13 yuan/mt on average.

* The Indian domestic steel market strengthened during the week, with prices rising by ₹400–₹1,500/tonne across key markets, supported by improved demand and tighter availability.

* Raipur billet increased by ₹1,500 to ₹43,500/tonne, while Mumbai rebar rose by ₹800 to ₹50,900/tonne.

* Mandi Gobindgarh HMS 1&2 increased by ₹400 to ₹38,300/tonne, and ingot rose by ₹400 to ₹46,900/tonne.

* Bellary PDRI sponge iron gained ₹900 to ₹30,700/tonne, while Alang melting scrap rose by ₹1,000 to ₹37,700/tonne.

* Outlook: Steel prices are likely to remain firm next week, supported by higher raw material costs and improved demand.