India’s sponge iron market weakened, with prices declining by around INR 50-250/t across most regions as limited enquiries and slow trading activity weighed on spot demand. According to BigMint, sponge iron trade volume was estimated at around 7,000 t.
BigMint’s billet index declined by INR 300/t d-o-d to INR 39,500/t exw-Raipur. The conversion spread between PDRI and billets for standalone induction furnaces in Raipur narrowed to INR 12,500/t.
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, eased by INR 100/tonne (t) d-o-d to INR 39,100/t DAP. In Mandi, the spread between end-cutting scrap and billets stood in the range of INR 3,800-4,200/t.
The following sheet summarises confirmed trades /offers of iron and steel products collected by BigMint to help our users keep track of day-to-day trade dynamics.
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