- Billet prices decreased by INR 400/t d-o-d in Bhavnagar
- Mandi-Gobindgarh scrap prices weaken amid cautious buying
Alang ship-breaking melting scrap prices corrected by INR 300/t d-o-d to INR 38,500/t ($401/t) ex-yard for HMS (80:20). The decline reflects weaker market sentiment, with buyers adopting a cautious approach amid limited trading activity and subdued procurement interest.
Gujarat market update
The broader Gujarat steel market also weakened, with billet prices in Bhavnagar falling by INR 400/t d-o-d to INR 47,400/t DAP. However, Ahmedabad rebar prices remained unchanged at INR 52,500/t ex-works, indicating that finished steel demand remained largely stable despite weakness in the semi-finished segment.
Mandi market update
In Mandi Gobindgarh, a key secondary steelmaking hub, HMS (80:20) scrap prices declined by INR 200/t d-o-d to INR 39,100/t DAP. Billet prices fell by INR 100/t to INR 48,000/t, while rebar prices also decreased by INR 100/t to INR 53,300/t. The broader correction indicates subdued downstream demand and cautious mill procurement, with buyers maintaining a need-based approach to inventory replenishment.
Outlook
Alang HMS (80:20) scrap prices are expected to remain range-bound to slightly weak in the near term amid cautious buying and softer steel sentiment. Weaker Bhavnagar billet prices may limit upside, while stable Ahmedabad rebar prices could provide some support. Suppliers may face resistance from buyers unless finished-steel demand and trading activity improve.
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