SteelMint’s index for Fe63% concentrate currently stands at INR 5,350/tonne (t) exw, up by INR 50/t exw as against the last assessment on 25 February. Some offers were also heard at a higher level of INR 5,450/t exw. Iron ore concentrate prices in Jabalpur, central India, witnessed an increase this week due to stability in pellet prices and a hike in Odisha iron ore prices.
With producers quoting higher, sponge iron prices in India increased by INR 100-400/t in key locations on 1 March, 2023. SteelMint understands that despite the positive outlook, sponge iron demand remained modest as buyers resisted high offers. About 20,700 t of transactions in sponge iron were recorded on 1 March in India as against 34,410 t on 28 February.
SteelMint’s India pellet (Fe 63%, 3% Al) export index FOB east coast was recorded at $123/t, down $3.5/t w-o-w. Iron ore prices in China have come under pressure as the government has mandated curbs in production to contain air pollution. This, in turn, has created uncertainty about demand in the near term.
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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