India’s IF steel market showed weak activity due to limited buying inquiries in finished steel, which had kept the overall market sentiment subdued. Rebar prices have also declined by ₹200 on a d-o-d basis. Sponge iron prices dipped marginally by ₹50–300/t, led by Raipur with a sharp fall of ₹300/t to ₹23,100/t. Billet prices also declined by ₹100–500/t across regions, with the steepest fall in Hyderabad to ₹38,000/t. Rebar (Fe 500) prices slipped by ₹100–200/t in most markets, particularly in Raipur, Durgapur, and Jalna, while Mumbai was the only region to register a minor ₹100/t rise. The recent slump in orders for finished steel and decreased interest from end-users in stocking products have dampened activity within the steel market, causing buyers to remain cautious on new purchases and place very few inquiries into the spot market.

Outlook:

The buyers are still maintaining a wait-and-watch approach, and spot market inquiries remaining thin, the steel market is expected to remain largely range-bound in the coming days. A lack of demand from the finished steel industry has greatly impacted the upward potential of steel pricing, while price corrections on raw materials are expected to stabilize as mills adjust their production rates due to the suppressed consumption rate. Overall, participants are likely to see steady, yet muted trading conditions within the steel market moving forward.