Mild Steel News Today

In April, India's flat steel segment saw average performance with stable domestic market trends and slight price increases. The rise was driven by surging prices of primary mills' long steel, notably TMT and structural steel.

In April 2024, the Indian pig iron market surged to a 10-month high, propelled by rising steel prices triggered by geopolitical tensions and strengthening substitute prices. Active participation in auctions led to higher spot prices, with industry sources anticipating volatility in May.

Price clarity drives demand and supply dynamics; material shortages persist. Jindal Stainless expands in Indonesia with a Rs 5,400 crore investment. Tata Steel partners with TEXMiN for mining innovation. The market anticipates an upward price trend post-stabilization.

India's secondary steel market remained supported yesterday with an upward price movement. The semi-finished and secondary TMT prices surged by up to Rs. 1,000/ton nationwide. However, Indian Flat Steel market remained stable.

Price stability persists in South Indian ferrous scrap market, minimal fluctuations noted. Chennai's current rates: Godown Grade at Rs 32,800/ton, and Commercial Grade at Rs 30,800/ton. Demand remains high with slight uptick in Finished Goods demand. Varying trends were noted across South Asia.

Market prices are slightly up in regions like Raipur and Delhi due to raw material price hikes. Foundry prices stabilized in Batala and Ludhiana but rose in Jalandhar. Pig Iron steel prices increased in Jalandhar and Batala while remaining stable in Ludhiana.

Yesterday, domestic steel prices surged at secondary mills, rising by Rs. 300-1,000/ton. JSPL led with a Rs. 1,000/ton increase for May, while SAIL and RINL are expected to follow suit.

Vedanta Group pledges $20 billion investment in Indian ventures over four years, with Chairman Anil Agarwal affirming intent to sell steel business for the right price while reiterating commitment to retain and develop it otherwise.

India, the fourth-largest iron ore producer, won't impose tariffs on low-grade iron ore exports despite increased sales to China, rejecting small steel producers' requests. China typically buys over 90% of India's iron ore.

A vital source for sustainable steel production, India must secure scrap supplies via tie-ups with Middle Eastern and African nations to offset European restrictions