Market News Today

During May's third week, India's secondary steel market initially struggled but later saw price surges due to improved demand. Primary steel market remained stable with ongoing firm prices. Raw material prices held strong, while ferroalloy prices dipped before stabilizing.

In India, secondary structural steel prices fluctuate amid volatile market conditions influenced by sponge iron and billet movements. Meanwhile, primary segment prices stabilize. Challenges persist in supply due to seasonal factors and maintenance works, maintaining a supportive market outlook.

Indian flat steel, notably HRC, faced stagnant demand and prices, but global prices are gradually improving, prompting speculation about its impact. While initial price hikes occurred in May, uncertainty persists regarding buyers' response to evolving global dynamics, with optimism post-elections for industry performance.

This week, primary TMT prices surged while the secondary market declined. RINL's closure and SAIL's maintenance shutdown contribute to supply shortages. Despite short-term pressure in the secondary market, hope for market rebound exists.

Recent surges in the Indian scrap market gave way to caution due to softening steel prices. May '24 saw volatility, yet prices remain relatively high, suggesting stability amid cautious optimism for future demand.

RINL faces closure amid coking coal scarcity. Adani Gangavaram Port protests disrupt supplies. Analysts foresee higher TMT prices. Despite mill hikes, steel scarcity may sustain elevated rates, urging manufacturers to maintain pricing.

Indian silico manganese prices are poised to remain supported due to soaring raw material costs, particularly manganese ore. The industry anticipates sustained demand driven by buoyant steel prices. Market participants brace for continued support on silico prices amidst global ore price hikes and supply constraints.

The domestic steel pipe sector is currently seeing a sustained upward trajectory, bolstered by an uptick in demand. Amid supply shortages, stakeholders must stay vigilant and take proactive measures to navigate through both challenges and opportunities in the market.

In May, the domestic TMT market saw escalating prices due to increased raw material costs, leading to higher production expenses. Both primary and secondary segments experienced consistent price hikes, with primary mills raising offers for early May sales.

Pig iron prices surge to record highs in India driven by active demand and higher auction bids. Recent auctions by major PSUs like SAIL see bids up by around Rs 4,000/ton, signaling further support. Despite concerns of sharp surge, active trades bolster market confidence.