SteelMint’s weekly Odisha iron ore fines (Fe 62%) index stood at INR 5,700/t ex-mines, up by around INR 300/t on 25 February. Post OMC iron ore auction, prices of the raw material has increased sharply on the back of low availability of high-grade fines in the market.
Sponge iron prices fell by INR 50-250/t in key locations of the country on 25 February. Following the continuous decline in spot demand for semi-finished steel products, prices dropped significantly. About 7,920 t of sponge iron transactions were recorded on 25 February as against 9,850 t on 24 February.
SteelMint’s billet index declined by INR 100/t d-o-d to INR 45,900/tonne (t) exw-Raipur on 25 February, 2023. The index fell further on account of lower bids and weak spot trades following moderate demand for steel due to sufficient stocks at mills. Dull demand for semis weighed on spot billet trades, which fell to around 1,300 t on 25 February as against 1,600 t on 24 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.
Leave a Reply