Weekly round-up: Indian steel market remains under pressure amid subdued demand

• PELLEX falls INR 200/t, tracking weaker iron ore fines bids at OMC auction
  
  
• Cautious sentiment, muted construction activity pull down IF, BF rebar prices
  
  

Indias steel and raw material prices declined across most segments in the week ended 25 April 2026. Pellet prices weakened following lower auction bids and subdued demand, while imported scrap and manganese alloys also softened amid limited buying interest and ample supply.

In semi-finished and finished steel, sentiment remained cautious. Billet prices showed regional divergence, but overall demand stayed weak, keeping market activity subdued. Long and flat steel prices declined w-o-w as buyers restricted purchases to immediate requirements, reflecting uncertainty regarding market dynamics.

Iron ore and pellet

• PELLEX, BigMint's bi-weekly domestic pellet (Fe63%) index for Raipur, fell by INR 200/t ($2/t) to INR 10,400/t ($110/t) DAP Raipur on 24 April compared to last week. Raipur-based producers cut offers for Fe 62.5/63% (+/-0.5%) pellets by INR 200/t ($2/t) to INR 10,200-10,300/t ($108-109/t) exw. The decline in offers followed the recent drop in iron ore fines bids in OMC's auction by INR 250-300/t m-o-m, along with weaker downstream demand and prices.
  
  
• At NMDCs Chhattisgarh iron ore auctions held on 23 Apri 2026, a total of 46,700 t were sold out of the 257,000 t offered. At the Bacheli mines, 17,200 t DR CLO (1040 mm, Fe 67%) were booked at INR 8,200/t against a base price of INR 5,950/t, while 8,000 t ROM (10150 mm, Fe 65.5%) were sold at INR 5,340/t compared to a base of INR 5,240/t; however, the entire 130,300 t of Fe 60% fines remained unsold. At the Kirandul mines, 21,500 t of Fe 64% fines were successfully booked at INR 4,550/t.
  
  
• In the SAIL auction conducted this week, around 56,000 t of lumps and fines (Fe 60-63.1%) were booked at INR 5,230-6,420/t from its Bolani and Barsua mines. Prices include royalty, DMF, NMET, and extra premium
  
  
• In Karnataka-based auctions conducted this week, around 62,855 t of iron ore (Fe 51.57-61.2%) were booked at INR 2,510-6,040/t and around 7,000 t of silicious lumps (6-20 mm, Fe 47-49.25%) were booked at INR 1,850-2,700/t.
  
  
• In the Goa iron ore mine block auctions, Anandam Minerals Private Limited won the Pissurlem Mineral Block XVI on 21 April 2026 with a 126.3% premium, while Venkateshwara Rao Gorantla secured the Adwalpale-Moitem Block XVII on 22 April 2026 with a 128% premium; both blocks are located in North Goa.
  
  

Ferrous scrap

• The imported scrap market remained subdued to stable throughout the week, with sentiment largely weak as a persistent bid-offer gap continued. Mills maintained bids for HMS 80:20 in the $375-380/t range, while offers across origins stayed higher, resulting in minimal deal conversions. Supply from traditional regions such as the US, UK, and EU remained limited, while active flows from Brazil, Africa, and Oceania struggled to gain traction, with stronger demand from Bangladesh further diverting cargoes away from India.
  
  
• Despite multiple offers, buying remained cautious with limited deals at lower levels, indicating softening prices. Offers for shredded, HMS, and PNS stayed above workable ranges, while LMS and HMS deals showed gradual correction, with a weaker rupee further pressuring import viability.
  
  
• In the last seven days, around 8,600-9,000 t of imported scrap was booked for India, reflecting weak activity. This included 1,500-2,000 t of HMS 80:20 at $380-390/t CFR, 2,000-3,000 t of shredded and 1,700-2,000 t of LMS bundles, with the balance comprising HMS 1, bluesteel, and MS turnings.
  
  

Ferro alloys

• Silico manganese: Indian silico manganese (60-14) prices corrected by INR 2,750/t ($29/t) w-o-w to INR 80,200-81,200/t ($851-$862/t) across key markets. Prices declined due to weak demand, ample inventories, competitive trader offers, discounted spot cargoes, and limited buying interest at higher price levels.

  Meanwhile, HC 65-16 silico manganese export prices declined by $30/t to $937/t FOB Vizag/Haldia.
  
  

• Ferro manganese: Meanwhile, export prices for the 75% grade dropped sharply by $37/t w-o-w to $945/t FOB Vizag/Haldia amid limited fresh inquiries.
  
  
• Ferro silicon: Indian ferro silicon (Si 70%) prices remained largely stable w-o-w at INR 107,500/t ($1,141/t) ex-works Guwahati, up slightly by INR 1,000/t ($11/t), while Bhutan prices held steady at INR 108,000/t ($1,146/t), as sellers restricted supply and maintained firm offers amid balanced market conditions.
  
  
• Ferro chrome: Indian high-carbon ferro chrome (HC 60%, Si 4%) prices held steady at INR 118,000/t ($1,251/t), up by INR 500/t ($5/t) ex-works Jajpur. Prices were stable as market participation from both sellers and buyers was limited this week, resulting in steady market conditions.
  
  
• Additionally, at Vedanta-FACOR's ferro chrome auction today, the larger lot (Cr: 56% min, 10-150 mm) fetched an H1 price of INR 116,800/t ($1,239/t) exw, up by INR 800/t ($8/t) from the base price of INR 116,000/t ($1,231/t).
  
  
• Moreover, Odisha Mining Corporation (OMC) has scheduled an auction on 27 April 2026 for 1,550 t of high-carbon ferro chrome across multiple grades and sizes (Cr: 53-64%, 0-100 mm). The base price for the 500-t lot (Cr: 60-64%, 10-100 mm) has been set at INR 117,500/t ($1,246/t) exw. Delivery of the material is scheduled within 30 days from the date of the contract.
  
  

Semi-finished

• India's semi-finished steel market witnessed mixed sentiment this week, with billet prices showing regional divergence. As per BigMint's assessment, prices declined by INR 500-1,500/t ($5-16/t) w-o-w across most regions, while central and western markets registered gains of INR 150-400/t ($1.5-4/t), supported by improved demand. The uptick in central India was supported by strong billet offtake from Gujarat, which supported bookings from Raipur and Raigarh. However, other regional markets remained under pressure due to persistent weakness in finished steel demand
  
  
• Sponge iron prices extended their downtrend, declining by INR 150-1,300/t ($1-14/t) w-o-w across major regions. The decline was due to weak demand from the semi-finished steel segment and limited buying interest. Although Raipur witnessed a marginal uptick due to localised demand-supply dynamics, the broader market remained under pressure. Sellers faced difficulty in securing orders, as buyers refrained from bulk bookings due to continued corrections in finished steel prices.
  
  
• On the export front, Indian DRI offers reflected mixed trends. Offers to Nepal remained stable at $345/t CPT Raxaul, while Bangladesh-bound prices dropped sharply by $11/t to $355/t CPT Benapole. Market participants reported limited buying activity in export markets, as uncertain global and domestic conditions prompted buyers to adopt a cautious approach.
  
  
• SAIL-BSP conducted an auction for 1,950 t of steel-grade pig iron on 22 April 2026, with the entire volume booked at an average price of INR 39,100/t exw. Bids increased by INR 1,700/t from the previous auction held on 19 February, where the full quantity of 1,950 t was booked at INR 37,400/t exw.
  
  
• NMDC's Nagarnar Steel Plant auctioned 8,000 t of steel-grade pig iron on 24 April, with the entire quantity booked at the base price of INR 38,100/t. Bids increased slightly by INR 100/t from the 15 April auction, where the full volume of 7,000 t was sold at INR 38,000/t, indicating stable demand and steady participation from buyers.
  
  

Finished long steel

• IF-rebar: IF rebar trade prices declined across major markets this week. Trading activity stayed subdued, with overall volumes largely limited. Demand continued to be weak, particularly in the finished and semi-finished steel segments, as buyers restricted purchases to immediate requirements and maintained a cautious stance.
  
  
• Booking activity remained limited for most of the week, with only one to two days witnessing relatively better volumes, while the overall market stayed largely subdued. Producers reduced offers and extended discounts to support material movement, while mill inventories were reported at around 8-12 days. In the near term, market participants expect price fluctuations to persist amid weak booking activity in the finished steel segment.
  
  
• On a w-o-w basis, rebar prices decreased by INR 200-1400/t across key regions as per BigMints assessment.
  
  
• Trade reference prices of Fe 500 grade rebars manufactured via the IF route (10-25 mm size) were assessed at INR 51,300-52,000/t exw Jalna and INR 46,100-46,500/t exw Raipur.
  
  
• Trade reference prices of heavy structural steel for the base size 150 mm channel stood at INR 47,600-48,000/t exw-Raipur.
  
  
• Trade reference prices of wire rod stood at INR 46,600-47,100/t ex-Raipur.
  
  
• BF-rebar: Trade-level BF-rebar prices (distributor to dealer) dropped by INR 700/t ($7/t) w-o-w to INR 59,700/t ($633/t) exy-Mumbai, as per BigMint's assessment on 24 April 2026. Buying activities slowed down this week with buyers moving to the sidelines amid cautious market sentiment.
  
  
• Rebar project prices were workable in the range of INR 58,500-59,500/t ($620-631/t) on a landed basis, as per sources. Demand remained weak with limited inquiries as buying slowed. Election-related labour shortages disrupted construction activity, delaying procurement. Buyers adopted a cautious stance amid price volatility and uncertainty.
  
  

Flat steel

• BigMint's bi-weekly benchmark assessment for HRC (IS2062, Gr E250, 2.5-8 mm/CTL) declined by INR 700/t ($7/t) w-o-w to INR 58,400/t ($621/t) as of 24 April, compared to INR 59,100/t ($628/t) on 17 April.
  
  
• Similarly, CRC (IS513, Gr O, 0.9 mm/CTL) prices were assessed at INR 65,500/t ($696/t) on 24 April, marking a w-o-w decrease of INR 900/t ($9/t) from INR 66,400/t ($705/t) on 17 April.
  
  
• India HRC prices edged lower this week amid subdued demand and cautious sentiment. Furthermore, trading activity remained sluggish across regions, with buyers limiting purchases strictly to immediate needs.
  
  
• India's bulk imports of HRCs touched 171,332 t as on 10 April. Around 129,851 t of additional cargoes are expected by early-May.
  
  
• India's bulk exports of HRCs touched 14,378 t as on 10 April. Around 35,500 t of additional cargoes are expected.
  
  
• Indian HRC export activity remained subdued during the week 7-14 April 2026, as re-escalating geopolitical tensions and persistent disruptions across key maritime routes continued to weigh on trade flows.

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