Morning Market Update – Secondary Steel Market Holds Steady Across Key Hubs
Price Overview
| Hub | Ingot Price (₹/tonne) | Billet Price (₹/tonne) |
|---|---|---|
| Mandi Gobindgarh, Punjab | ~38,600 | ~38,800 |
| Durgapur, West Bengal | ~34,600 | ~35,500 |
| Ahmedabad, Gujarat | ~36,900 | ~37,700 |
| Raipur, Chhattisgarh | ~34,500 | ~35,000 |
Market Snapshot
• The Indian secondary steel market opened today on a steady note with billet and ingot prices showing minimal change across regions.
• Mandi Gobindgarh remained the most active market with offers holding between ₹38,600 and ₹38,800 per tonne as traders reported consistent inquiries from local rolling mills.
• Durgapur and Raipur continued to trade at a discount of ₹3,500 to ₹4,000 per tonne compared with northern markets, reflecting comfortable supply and moderate regional demand.
• Ahmedabad recorded slightly firmer offers supported by renewed buying from western infrastructure projects.
• Market sentiment remains balanced as scrap and power costs stay stable, helping secondary producers maintain their cost structure.
• Overall trading activity was moderate with buyers adopting a cautious approach ahead of mid-month restocking.
Things to Watch
• Any pickup in construction and rebar demand could push billet prices upward in northern and central regions.
• Scrap availability and transport cost fluctuations remain a key determinant for short-term price adjustments.
• Power cost revisions in several states could influence production schedules for induction furnaces.
• Market participants are closely watching finished steel price trends to gauge whether secondary mills can maintain their current price levels through November.
• A potential increase in export inquiries for semi-finished products could improve mill liquidity in the coming weeks.
The secondary steel market continues to reflect stability more than strength.
Prices are range bound and sentiment remains cautious but steady — a market waiting for stronger downstream signals to define its next move.
