- Weak buying limits upside across key markets
- Sellers focus on pending order dispatches
Indian mill scale prices remained largely stable across key markets this week, with marginal movements in both directions as weak regional demand and cautious buying weighed on market activity.
BigMint’s Fe 69% mill scale assessment for Kandla declined by INR 100/t ($1/t) to INR 7,400/t ($76/t) DAP Kandla, while Raipur prices fell by INR 50/t ($0.5/t) to INR 7,450/t ($78/t) ex-works. In contrast, Jalna prices edged up by INR 50/t ($0.5/t) to INR 6,350/t ($66/t) ex-works.
Kandla: Weak export realisations curb buying
Kandla mill scale prices softened as buyers remained cautious and waited for lower levels before committing to fresh purchases. Exporters were also reluctant to replenish stocks amid weak global iron ore prices and subdued export realisations, keeping overall demand under pressure. Around 2,600 t of deals were reported at INR 7,400-7,800/t ($76-81/t) DAP Kandla.
Raipur: High offers face buyer resistance
Raipur prices remained largely stable amid mixed market sentiments. While sellers continued to quote higher levels, buyers found fresh purchases at these prices commercially unviable, particularly for traders supplying material to markets outside the state. Traders remained focused on fulfilling earlier commitments rather than building fresh positions. Around 4,600 t of deals were recorded at INR 7,200-7,700/t ($74-80/t) ex-works Raipur. A trader told BigMint that the recent price rise was difficult to sustain as higher levels could further discourage buying.
Jalna: Limited buying keeps market rangebound
Jalna mill scale prices increased marginally, although overall market activity remained subdued. Major mills have yet to return with significant fresh procurement, while sellers are prioritising dispatches against earlier orders. Around 500 t of deals were recorded at INR 6,400/t ($66/t) ex-works Jalna.
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