BigMint’s domestic end-cutting scrap index in the Mandi Gobindgarh market rose by INR 900/tonne (t) to INR 42,400/t DAP on 6 May, 2024. A substantial improvement has been observed in scrap prices, with a d-o-d surge of INR 800-1,000/t in the region, reaching its highest point in eight months, touching the levels observed on 5 September, 2023.
BigMint’s billet index hit a new high for this year on 6 May, reaching INR 45,550/tonne (t) exw-Raipur. The index experienced a significant increase, driven by improved buying activity in the finished steel segment. Approximately 3,000 t of trades were closed on 6 May as compared to 3,400 t on 3 May.
Sponge iron prices in India increased sharply following positive sentiments in the semi-finished steel segment. Prices rose by INR 500-1,000/t in all major regions. About 32,200 tonnes (t) of sponge iron transactions were recorded in the country on 6 May compared to 18,850 t on 3 May.
The below sheet summarizes confirmed trades/offers of iron and steel products collected by SteelMint to help our users keep track of day-to-day trade dynamics.
