Steel prices in India on 21/06/2025

📊 Steel Market Update – 21st June 2025 📉 Market Mood: Weak-to-Steady with Downward Bias ⸻ 🔍 Market Sentiment Overview: The steel market across India remained mostly steady to weak on June 21st, 2025. Despite stable prices in early hours, a gradual downward trend was observed across key products like Ingot, Scrap, TMT bars, and Cast Iron, especially in northern regions. While select regions like Raipur and Rourkela showed minor bullish sentiment, the overall mood remained cautious, with traders reacting to sluggish demand and correction pressures. ⸻ 📉 Key Price Movements: 🏭 Mandi Gobindgarh: • Ingot slipped by ₹100 to ₹41,200. • Scrap (Old) dropped by ₹100 to ₹29,500. • TMT declined to ₹46,500 (↓ ₹100). • Angle, Flat, Round, and Patra also saw corrections of ₹100–₹300. 🏙️ Ludhiana: • EN8D & MS Ingots corrected by ₹100. • Scrap dropped to ₹34,300 (↓ ₹100). • Pig Iron and Cast Iron witnessed ₹100 cuts. 🛤️ Raipur & Raigarh: • Ingot & Billet moved up modestly (↑ ₹100). • Wire Rods (Raipur) fell sharply by ₹500, signaling weak downstream demand. • Scrap (Raipur) lost ₹300 – signaling oversupply. 📉 Eastern Belt (Durgapur, Kolkata): • Ingot & Scrap prices mostly steady. • TMT remained flat at ₹39,300 but Wire Rods (Durgapur) increased by ₹300, diverging from Raipur trends. 🧱 Western Region (Bhavnagar, Ahmedabad): • TMT in Bhavnagar dropped significantly by ₹300. • Ahmedabad too saw TMT fall by ₹100. ⸻ 📈 Bright Spots: • Ingot demand in Jaipur and Bhiwadi held strong with a consistent ₹200 rise earlier in the day. • Wire Rods in Durgapur bucked the trend with a late rally (↑ ₹300). ⸻ 🗞️ Market Insight: The steel market is experiencing a correction phase after recent rallies. Buyer hesitation, weak infrastructure demand, and inventory pressure at yards are contributing to the bearish sentiment. Traders are expected to stay cautious, waiting for cues from demand pickup or further correction in raw material costs. ⸻ 🧾 Conclusion: 🔻 Market Sentiment: Bearish to Neutral 💼 Traders’ Approach: Wait & Watch 📅 Outlook: Sideways-to-Weak unless demand revives or supply tightens.