India Billet and Secondary Steel Market Update

India’s secondary steel market opened today under moderate pressure across billet and long products, while finished TMT continued to show selective resilience. Scrap movement from Alang remains the primary cost signal influencing secondary melt economics.

The overall sentiment reflects tactical correction rather than structural weakness.

1. Regional Price Update

Finished Steel

• Raipur TMT opened approximately ₹300 down at ₹40,500++

• Raipur Heavy Structure down approximately ₹300, base rate near ₹46,700++

• Wirerod opened ₹300 to ₹400 lower across markets

Scrap Market

• Alang Scrap down ₹100

• Melting Scrap at ₹33,600

• Attachment at ₹35,100

• Tukdi at ₹35,300

Scrap softness has slightly eased input pressure on induction furnace and EAF players.

2. Billet Market Movement

• Mandi Gobindgarh ₹43,500, down ₹150

• Jalna ₹42,600, down ₹100

• Raigarh ₹39,200 to ₹39,300, down ₹400 to ₹500

• Durgapur ₹40,600 to ₹40,700, down ₹50 to ₹100

• Raipur ₹40,200, down ₹300

Raigarh witnessed the sharpest correction among major hubs, indicating regional demand pressure and inventory adjustment.

3. Market Rationale Behind the Correction

Several factors are influencing current price behavior:

Scrap-Led Cost Volatility

Even marginal correction in Alang scrap impacts replacement cost calculations. Mills are recalibrating billet offers accordingly.

Conversion Economics

With finished TMT still seeing selective buying interest, rolling mills prefer conversion to finished goods rather than holding billet inventory.

Regional Demand Variations

Northern markets are relatively stable compared to eastern and central hubs where demand flow remains uneven.

Pre-Festival Trade Positioning

Ahead of Holi, traders and distributors are cautious in fresh stocking, leading to short term liquidity driven price adjustments.

4. Market Sentiment

The present trend suggests controlled consolidation rather than panic selling.

• Finished products have not collapsed

• Scrap correction is limited

• Price cuts remain within ₹100 to ₹500 band

• Mills continue operating at stable utilization levels

The market currently reflects tactical inventory management rather than demand erosion.

5. Post Holi Outlook — Why a Positive Bias Is Possible

While current sentiment is cautious, several factors support a constructive view after Holi:

Restocking Cycle

Post festival and fiscal year closing typically trigger distributor and project level restocking.

Infrastructure Demand Momentum

Government capex and private sector execution generally strengthen toward fiscal year end and early new financial year.

Scrap Stability

If Alang scrap stabilizes near current levels, cost clarity will support billet bids.

Supply Discipline

If secondary mills maintain offered discipline and avoid aggressive discounting, spot billet availability may tighten.

A balanced alignment between scrap stability and rebar demand can support price recovery into March.

Key Market Data Snapshot

Market	Product	Price	Change
Mandi Gobindgarh	Billet	₹43,500	-150
Jalna	Billet	₹42,600	-100
Raigarh	Billet	₹39,200 / 39,300	-400 / -500
Durgapur	Billet	₹40,600 / 40,700	-50 / -100
Raipur	Billet	₹40,200	-300
Raipur	TMT	~₹40,500	-300
Alang	Scrap	₹33,600	-100

MetalsBuy Market View

The secondary steel complex is currently undergoing short term correction driven by scrap movement and cautious pre festival trade behavior. However, structural demand drivers remain intact.

If post Holi buying interest improves and scrap stabilizes, the market is positioned for gradual recovery rather than extended weakness.