- Demand, trade rebound post-Diwali in Punjab
- Prices of HR strips, billets edge down w-o-w
In India, ERW patra pipe (41-60 OD) prices declined w-o-w in both Raipur and Mandi Gobindgarh post Diwali holidays. Demand remained low as market participants were away during Diwali. Prices saw a drop of INR 300/tonne (t) d-o-d in Raipur and INR 100/t d-o-d in Mandi Gobindgarh on 24 October 2025.
Current steel prices are INR 37,600/t at Raipur and INR 40,800/t in Mandi Gobindgarh. Listed prices are ex-works (exw), excluding 18% GST.
Weekly prices
Raipur: Prices dropped by INR 500/t w-o-w to INR 37,600/t exw-Raipur on Friday as compared to INR 38,100/t on 17 October 2025. This drop was primarily driven by a sharp decline in trading activity during the preceding week, which was heavily impacted by the Diwali festival and the resulting limited demand. Even after the festival, trade volumes remained subdued, with minimal interest from buyers. The market is expected to remain cautious, as the approaching Chhath Puja festivities are anticipated to further dampen demand and contribute to the prevailing downward pressure on prices.
Mandi: Prices decreased by INR 200/t w-o-w to INR 40,800/t exw-Mandi from INR 41,000/t a week ago. Despite this price decrease, the market recorded sales volume of 1,000 t in patra-based pipes this week. Following the conclusion of the Diwali holiday period, regional demand exhibited an improvement, which resulted in enhanced trade activity in the latter part of the week, offsetting the initial and mid-week subdued transaction levels that coincided with the holiday observances.
Raw material price trend
HR strip (patra) prices in Raipur decreased by INR 700/t w-o-w to INR 36,900/t exw-Raipur on 24 October compared to INR 37,600/t previous week. Moreover, patra prices in Mandi decreased by INR 700/t w-o-w to INR 39,300/t exw-Mandi from INR 40,000/t on 17 October.
Billet prices in Raipur dropped by INR 300/t w-o-w to INR 34,500/t exw against INR 34,800/t last week. Furthermore, in Mandi Gobindgarh prices fell by INR 500/t w-o-w to INR 38,200/t on 24 October compared to INR 38,700/t a week ago.
Outlook
There will be continued downward pressure on prices in Raipur due to subdued demand following Diwali and expectation of further dampening ahead of Chhath Puja. Conversely, Mandi Gobindgarh shows early signs of recovering regional demand and better trade activity post-holidays, which may provide some stability despite the recent price correction and weak market sentiment.
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