Mild Steel News Today

The domestic steel pipe sector is witnessing a favorable trend coupled with an uptick in demand. With supply challenges looming over the industry, steel traders need to stay alert and take proactive measures to steer through this challenging period.

Price stability prevails in the South Indian ferrous scrap market as the week concludes. Chennai prices: Godown Grade Rs 32,800/ton and Commercial Grade Rs 30,800/ton. Demand steady post-Tamil Nadu elections, supply uninterrupted. Mixed trends across South Asia; future demand may drive prices up.

The secondary steel market was subdued, semi-finished and secondary TMT prices dropped by Rs. 200-700/ton except in Mumbai, Maharashtra where prices rose by up to Rs. 500/ton; the Indian Flat Steel market was stable.

Indian silico manganese prices surged due to rising manganese ore prices and active demand. With a 2-year high, the recent spike reflects the market's concern over ore shortage. MOIL's manganese ore prices surged 25-40%, driven by reduced import shipments, prompting producers to raise prices.

Market stability continues, with inquiries at moderate levels in the secondary market. Concerns persist over material supply in some southern plants. In Batala, steel-grade pig iron prices surged by Rs. 500/ton, signaling strong regional demand and growth potential.

JSPL plans maintenance, risking supply delays. Secondary raw material scarcity and labour shortages hinder production. Tata Steel partners with ISM to enhance mining practices. The market faces supply shortages, impacting prices.

Anticipation of price hikes in steel markets amid material scarcity. Indian steel exports to Europe peak, but competition from Chinese mills hampers prospects in UAE and Vietnam. European prices stabilize amid global factors.

Supply and demand dynamics drive mills to adjust production; minor price increases stimulate local demand. Tata Steel partners with ISM to modernize mining practices. Industry participants observe slight market improvement, and anticipate rising demand and prices.

Bearish outlook for Turkish steel and scrap markets in 2024 voiced at the 90th International Rebar Producers and Exporters Association conference in Berlin. Market sentiment influenced by finished steel predictions.

Germany's steel imports from third countries rose 1% YOY to 155K tons in Jan-Feb 2024, led by a 42.1% surge in flat products, despite a 9.1% drop in long products, comprising over 72.5% of total steel imports.