Indian sponge iron prices fell by around INR 100-700/t d-o-d. The decline reflected bearish sentiment and poor buying participation during the early part of the session. BigMint’s benchmark Raipur PDRI prices settled at around INR 27,750/t ex-Raipur, stable d-o-d. BigMint recorded around 17,000 t of sponge iron trade.
BigMint’s billet index increased marginally by INR 100/t d-o-d to INR 43,600/t exw-Raipur. The conversion spread between pellet-based direct reduced iron (PDRI) and billets for standalone induction furnaces in the Raipur cluster was assessed at INR 15,850/t.
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, moved down by INR 400/t d-o-d to INR 41,100/t DAP. In Mandi, the spread between end-cutting scrap and billets stood in the range of INR 5,200-5,600/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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