Steel Market Update – [Date: 07 May 2025]

International Market:

Chinese DCE Iron Ore Futures opened higher today but experienced fluctuations throughout the session. The most active contract, I2509, finally settled at ₹708, up 0.35% for the day. Traders showed moderate selling interest, while steel mills adopted a cautious “wait and watch” approach. Some purchases were made as per planned procurement, resulting in a generally moderate transaction environment in the market.

Domestic Market:

• MS Ingot & Old Scrap (Mandi Gobindgarh): A price decline of around ₹200 is currently being observed.

• Secondary Steel: Prices continued to fall by ₹100–₹400 across various regions.

• Demand: Weak demand persists, with most buyers remaining in “wait and watch” mode.

• Primary TMT: Pressure on prices continues due to sluggish demand.

Note: The overall market sentiment remains cautious and subdued.