Domestic sponge iron prices declined by INR 100-400/t day-on-day across regions, weighed down by limited buying interest and sluggish demand, which dampened overall market sentiment. In Raipur, PDRI prices settled at around INR 29,100/t, down by INR 100/t. BigMint recorded around 10,000 t of trade during the day.
BigMint’s billet index declined by INR 150/t d-o-d to INR 45,650/t exw-Raipur. The conversion spread from sponge iron (PDRI) to billet for standalone induction furnaces in the Raipur cluster was assessed at INR 16,550/t.
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, declined by INR 400/tonne (t) d-o-d to INR 42,800/t DAP. In Mandi, the spread between end-cutting scrap and billets stood in the range of INR 5,300-5,700/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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