Market News Today

Today in South India, the trading week begins with a stable market. Moderate demand persists due to transportation challenges. Global Ferrous Scrap prices rose $5-20/ton, led by Turkish mills. Indian buyers cautious amid domestic availability. Anticipated stability in Chennai market despite ongoing logistics constraints.

Despite limited demand, the Indian Pellet market remains stable in December 2023. Prices show slight fluctuations of Rs 100-200/ton, as suppliers hold off on reductions, anticipating a demand resurgence fueled by positive global trends, particularly in China's Steel sector.

Steel bundled Scrap import offers decreased to $444-447/ton CFR India. SS 304 Scrap rate is Rs 117/kg, and Jindal's buying prices include 304 at Rs 1,17,669/ton. A slight shortage of 316L Scrap exists, emphasizing the need for storage for potential future demand.

In the Indian steel sector this week, mid-sized mills thrive amid a robust market, whereas the primary segment grapples with price corrections due to diminished demand, showcasing a blend of challenges and positive shifts.

Today's South Indian market shows stable pricing for MS Scrap. Production challenges in northern Chennai impact demand and supply. The south Asian Ferrous Scrap market sees upward momentum due to Turkey's procurement activities. Anticipated limited market movement in southern markets, emphasizing the impact of logistics.

Steel bundled Scrap import prices dip 0.78% to $444-447/ton CFR India. SS 304 Scrap at Rs 117/kg. Jindal buying rates: 304 down by Rs.3,300/ton, 316L down by Rs.7,800/ton. UK Steel manufacturers seek Scrap export restrictions.

In December 2023, the Indian Pig Iron market experienced fluctuations due to moderate demand. Prices in Durgapur, Raipur, Ludhiana, and Delhi see marginal changes. Despite volatility in the mid-sized Steel market, current offers for Pig Iron show slight adjustments.

In today's South Indian market analysis, MS Scrap prices show stability. Ongoing logistical challenges impact supply. South Asian Ferrous Scrap market trends upward, influenced by restocking activities, while Indian and Bangladeshi markets face challenges. Anticipated a stable close given current conditions.

Steel bundled Scrap import offers rose 1.36% to $447-450/ton CFR India. SS 304 Scrap is at Rs 117/kg, J5/J8 mixed Scrap Rs 80.5/kg. Jindal's buying rates include 304 at Rs.1,17,669/ton. 316L is Scarce. ArcelorMittal plans Scrap-processing centers in western India.