BigMint’s billet index increased marginally by INR 50/t d-o-d to INR 42,550/t exw-Raipur, despite weak buying interest and limited support from the finished steel market. The conversion spread between sponge iron (PDRI) and billets for standalone induction furnaces in the Raipur cluster widened to INR 12,950/t.
The domestic sponge iron market witnessed an upward movement, with prices rising by around INR 50-600/t across major regions. The increase was mainly around INR 600/t in the Hyderabad market, supported by overbooking in the previous trading session. However, Raipur remained an exception, with prices slipping by around INR 100/t to settle at INR 29,600/t exw-Raipur. BigMint recorded around 8,000 t of trades.
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, improved by INR 100/tonne (t) d-o-d to INR 42,400/t DAP, supported by rising demand as mills continued to procure scrap in decent volumes amid moderate semi-finished steel demand.
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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