Weekly round up: Semi finished steel market shows mixed price trends

• Semi-finished steel prices strengthened across key regions, supported by firm raw material costs.
• Higher offers prompted cautious buying, moderating fresh bookings despite firm market sentiment.

Iron ore and pellet

• NMDC sold 40,400 t of iron ore in its Chhattisgarh auction held on 30 July. At Bacheli, the entire 6,000 t of Baila lumps (10-20 mm, Fe 65.5%) was booked at INR 5,700/t (FOR), a premium of INR 100/t over the base price, while the full 12,900 t of DR CLO (10-40 mm, Fe 67%) was sold at INR 6,900/t (FOR), fetching a premium of INR 1,000/t. At Kirandul, 21,500 t of fines (FOR) was sold at the base price of INR 4,740/t.
• Lloyds Metals and Energy has increased its iron ore fines, lumps and pellet offers in Chandrapur, Maharashtra, effective 31 July, supported by improving domestic market fundamentals and tightening raw material availability during the monsoon. Iron ore fines (Fe 63%) offers increased by INR 250/t to INR 6,550/t FOR Balharshah, while lump offers were revised to INR 9,750/t increased by INR 250/t and pellet offers to INR 10,500/t ex-works. The revision follows the company’s previous price cut announced on 22 May.
• BigMint’s low-grade iron ore fines export prices declined by $1.5/t w-o-w during the latest assessment period, reflecting subdued buying interest from China and limited trading due to wide bid-offer disparities. The fall was accompanied by lower material inventories with domestic sellers due to recent low-grade dispatch issue in the mining region, which has thus kept sellers confined to focus on above Fe 60% grade material sales for the meanwhile.

Coal

• South African thermal coal: South African thermal coal prices increased during the week, supported by firmer international indices and higher replacement costs. As on 31 July 2026, RB2 (5,500 NAR) rose by INR 450/t w-o-w to INR 11,000/t ex-Paradip and by INR 250/t to INR 10,650/t ex-Vizag, while RB3 (4,800 NAR) increased by INR 150/t to INR 9,150/t and INR 9,050/t, respectively. However, buying remained strictly need-based as domestic coal continued to offer a significant cost advantage despite an improvement in sponge iron prices.
• Domestic coal: Domestic coal prices surged on stronger buying interest and aggressive bidding in recent SECL spot e-auctions. BigMint assessed 5,000 GCV coal at INR 6,450/t ex-works Bilaspur, up INR 850/t w-o-w, while 4,500 GCV increased by INR 300/t to INR 4,600/t as on 31 July 2026. Healthy demand, limited availability of preferred grades and expensive imported coal encouraged consumers to rely more on domestic supplies, keeping market sentiment firm.
• Met coke: India’s imported met coke market remained subdued despite competitive overseas offers. BigMint assessed Indonesian-origin BF-grade met coke (65/63 CSR) at $308/t CFR India, down $4/t w-o-w. Domestic BF-grade coke stayed unchanged at INR 35,150/t ex-Jajpur, while western India declined by INR 500/t to INR 33,500/t ex-Gandhidham. Lower Australian coking coal prices, weak Chinese coke sentiment and subdued steel demand continued to weigh on buying, although the government’s definitive anti-dumping duty provided greater policy clarity.

Ferrous Scrap

• India: Imported ferrous scrap trading remained subdued throughout the week as weak finished steel demand, the ongoing monsoon season and poor import viability continued to suppress buying interest. Mills largely maintained hand-to-mouth procurement, preferring domestic scrap amid speculative buying in the TMT segment and restocking by re-rollers, which supported local scrap prices.
• Containerised import activity remained limited as a wide bid-offer gap and firm overseas offers discouraged fresh bookings. Africa-origin LMS and HMS bundles were heard at around $290/t CFR and $305/t CFR, respectively, while workable levels for UK-origin HMS remained around $320-330/t CFR against offers at $330-350/t CFR. UK-origin shredded scrap offers eased gradually to $385-395/t CFR by week-end from around $395-400/t CFR earlier in the week, although buyers continued to indicate tradable levels below prevailing offers.

Ferro Alloys

• Silico Manganese:Indian silico manganese (60-14) prices were mostly steady with slight decline by INR 50/t ($1/t) w-o-w to INR 73,600-74,500/t ($765-774/t) across key markets. Prices remained largely stable as weak buying sentiment offset tight near-term availability. Buyers delayed purchases awaiting MOIL’s August ore price revision, while sellers maintained firm offers against pending deliveries.
  Meanwhile, HC 65-16 silico manganese export prices also fell by $16/t to $891/t FOB Vizag/Haldia.
• Ferro Manganese:Indian ferro manganese (70%) prices remained largely steady with a slight w-o-w rise by INR 200/t ($2/t) to INR 78,400/t ($815/t) in Raipur and by INR 200/t ($2/t) to INR 78,200/t ($813/t) in Durgapur.However, export prices of the 75% grade also dropped by $5/t w-o-w to $913/t FOB Vizag/Haldia. Domestic prices stayed firm as sellers resisted discounts, while weak export demand and cautious overseas buying pressured export offers.
• Ferro Silicon:India ferro silicon (Si 70%) prices dropped w-o-w by INR 600/t ($6/t) at INR 87,900/t ($913/t) ex-works Guwahati, while Bhutan prices fell by INR 900/t ($9/t) to INR 86,800/t ($902/t).Weak downstream demand and buyer caution ahead of Bhutan’s August pricing decisions continued to weigh on market sentiment.
• Ferro Chrome:Indian high-carbon ferro chrome (HC 60%, Si: 4%) prices eased by INR 500/t ($5/t) w-o-w to INR 121,000/t ($1,257/t) exw-Jajpur. Market witnessed a marginal correction over the week as subdued buying interest weighed on trading activity. Major stainless steel producers had already completed their procurement, resulting in limited fresh inquiries across the domestic market.

Semi finished

• Billet:India’s semi-finished steel market shows mixed trend as higher offers weigh on buying during the week ended 31 July, with regional price movements reflecting varying demand conditions and supply dynamics. As per BigMint’s assessment, billet prices increased by INR 100-1,000/t ($1-10/t) w-o-w in Durgapur, Chennai, Mumbai, Jalna, Goa and Hindupur, while Raipur, Raigarh, Mandi Gobindgarh, Ramgarh and Bhavnagar recorded declines of INR 100-250/t ($1-2.6/t) w-o-w. Overall, buying activity moderated this week as elevated billet offers prompted buyers to restrict purchases after securing sufficient inventories in previous weeks.
• Sponge Iron:The sponge iron market remained firm, with prices across major producing regions increasing by INR 100-400/t ($1-4/t) w-o-w. Producers continued to raise spot offers, supported by stronger bookings concluded over the past few weeks and higher raw material costs. However, the sustained rise in prices made buyers increasingly cautious, resulting in a noticeable decline in fresh booking volumes during the week.
• DRI Export:India’s direct reduced iron (DRI) export market also witnessed a recovery in offer levels, tracking the strength in the domestic sponge iron market. Despite firmer export prices, overseas buying interest remained weak, with buyers in neighbouring countries remained cautious. Pellet-based sponge iron export offers to Nepal increased by $13/t w-o-w to $273/t CPT Raxaul, while CDRI/mix sponge iron offers rose by $16/t to $300/t CPT Raxaul. Export offers to Bangladesh also strengthened by $9/t w-o-w to $309/t CPT Benapole.
• Pig Iron:NMDC’s Nagarnar Steel Plant auctioned 4,000 t of steel-grade pig iron on 30 July 2026, with the entire quantity sold at an average price of INR 37,350/t ex-works, up INR 50/t from its previous auction held on 22 July, despite offering lower volumes. The auction reflected resilient buying interest, as tight raw material availability encouraged buyers to secure material through competitive bidding, resulting in complete allocation.
• In SAIL-RSP’s latest steel-grade pig iron auction, 6,100 t were booked out of the 10,500 t offered in its auction on 27 July 2026, with the booked quantity sold at the base price of INR 37,250/t ex-works. The auction witnessed moderate participation, with buyers showing selective interest amid cautious market conditions. The average realisation declined by INR 800/t compared to the previous auction.

Finished long steel

• IF-rebar:IF-route rebar prices displayed a mixed trend across major regions during the week, with trading activity remaining limited throughout the period. Price sentiment received support as primary steel producers raised their offer prices, enabling secondary mills to maintain firmer quotations despite subdued buying interest. Regionally, the southern market witnessed moderate bookings, supported by improved ground-level demand and higher sponge iron prices, which raised production costs. In the western market, although rebar prices increased, buying activity remained low to moderate due to persistent heavy rainfall, which dampened ground-level demand. Meanwhile, procurement in the northern, eastern, and central regions remained low to moderate, with transactions largely driven by immediate requirements.
• On a week-on-week basis, rebar prices showed mixed trends in the range of INR 100-1,900/t across key regions, according to BigMint’s assessment.
• Trade reference prices of Fe 500 grade rebars manufactured via the IF route (10–25 mm size) were assessed at INR 39,800–40,200/t exw Raipur and INR 44,800–45,400/t exw Jalna.
• Trade reference prices of heavy structural steel for the base size 150 mm channel stood at INR 44,000–44,500/t exw Raipur.
• Trade reference prices of wire rod stood at INR 42,000–42,500/t exw Raipur.
• BF-rebar:BF-route rebar assessment increased by INR 2,200/t w-o-w to INR 50,900/t ex-Mumbai as of 31 Jul’26, supported by tighter spot supplies following scheduled maintenance at major integrated steel plants.
• Lower distributor inventories and improved project procurement encouraged active replenishment buying, strengthening overall market sentiment.
• Project rebar prices were reported at INR 49,000-52,000/t landed, with booking activity improving amid expectations of further price stability.

Flat steel

• BigMint’s bi-weekly benchmark assessment for HRC (IS2062, Grade E250, 2.5-8 mm/CTL) in Mumbai declined by INR 100/t ($605/t) to INR 57,700/t ($605/t) w-o-w from INR 57,800/t ($606/t) as on 31 July from the previous assessment.
• Likewise, the benchmark assessment for CRC (IS513, Grade O, 0.9 mm/CTL) remained stable w-o-w at INR 64,900 ($680/t) as of 31 July.
• India’s trade level HRC market saw it’s sentiment turned cautiously positive after leading mills withdrew rebates, strengthening expectations of further HRC price increases. The development encouraged distributors and end-users to advance procurement to secure material at relatively lower prices. However, buying remained largely need-based as downstream demand has yet to recover fully, limiting large-scale inventory build-up.
• Import volumes: India’s bulk HRC imports stood at 345,015 t as of 28 July and with an additional 228,262 tonnes to be recorded by the end of August
• Export volumes: India’s bulk HRC exports stood at 260,157 t as of 28 July, with an additional 18,000 tonnes expected to be added by the beginning of August.
• Indian HRC export activity stayed weak in the week ended 28 July, with no fresh bookings concluded as buyers held back amid ongoing negotiations. EU offers were unchanged, with buyers assessing residual tariff-free quota and awaiting clarity on CBAM verification norms, while Middle East offers fell as geopolitical tensions disrupted trade flows. Offers to Vietnam also eased on weak regional demand, with buyers unwilling to transact at prevailing levels.