SteelMint’s bi-weekly domestic pellets (Fe 63%) index, PELLEX, remained stable at INR 10,200/tonne (t) DAP Raipur on 24 February compared to the last assessment on 21 February 2023. Around 20,000 t of deals were reported. The index remained range-bound amid fall in sponge iron offers.
Sponge iron prices dropped in the range of INR 150-450/t in key markets. Due to the ongoing downturn in steel prices in north India, specially Punjab, prices kept dropping as spot transactions remained restricted. About 9,850 t of sponge iron transactions were recorded on 24 February in India as against 14,710 t on 23 February.
SteelMint’s billet index fell by INR 300/tonne (t) to INR 46,000/t exw-Raipur on 24 February, 2023. The index dropped amid falling bids and limited bookings. Demand for semi-finished and finished long steel remained moderate. Transactions of only 1,600 t were recorded on 24 February in Raipur as against 2,800 t on 23 February.
The below sheet summarises confirmed trades/offers of iron and steel products collected by SteelMint to help our users keep track of day-to-day trade dynamics.
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