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In Q1 FY2024, Flat Steel industry saw HRC and CRC prices drop up to 3,700/ton. Q2 brought a price increase of Rs. 800-2,500/ton amid rising demand, but Q3 saw sellers reduce prices up to 3% (Rs. 400-1,500/ton) through November 2023.

Nationwide, domestic Semi-Finished Steel and secondary TMT prices experienced a decrease of approximately Rs. 200-600/ton yesterday. Conversely, Flat Steel prices have remained steady for the past few weeks.

Expect more price drops next month as the secondary market shrinks and price differences increase due to surplus inventories, sparking negotiations for essential materials.

Secondary TMT prices have fluctuated today. Raipur Pig Iron prices in Raipur dropped by Rs. 200/ton due to weak demand, while PDRI sponge iron and scrap prices fell, reflecting pessimistic demand.

The South Indian MS Scrap market remains stable. Domestic supply challenges persist due to fewer imports, impacting availability. South Asian ferrous Scrap market stability was noted, with Turkey anticipating limited deal activity despite January bookings. Anticipated minimal intraday movements amid tight supply and subdued demand.

While the secondary Structural Steel prices experienced a decrease of Rs. 200-500/ton further today, the primary structure segment has maintained its stability.

In November 2023, the Indian Ferrous Scrap market experienced a significant downturn, echoing the decline in Steel prices. Prices dropped by Rs 500-1,000/ton weekly, hitting a month-low, with a more substantial decline seen in Sponge Iron and Billets.

Demand for flat products remains strong, with manufacturers managing order backlogs. India's NMDC Steel expects 1 million metric tons of production despite challenges. Rising costs may lead to price hikes. Overall, a positive outlook.

The EU is urging the US to relax its quotas on imported EU steel, assuming they continue post-year-end, says European Commission Vice President Valdis Dombrovskis.

Turkey's flat steel market, majorly controlled by China, shows little recovery in October. Limited availability due to maintenance works hampers the recovery of Turkish crude steel output, as per SteelOrbis.