BigMint’s domestic end-cutting scrap index in the Mandi Gobindgarh market continued to decline for the fourth consecutive day. Scrap index fell by INR 300/tonne (t) to INR 41,900/t DAP on 9 May 2024. The Mandi market saw a persistent decline in semi-finished steel prices, along with subdued purchasing interest from mills.
BigMint’s billet index fell by INR 350/t touching INR 44,900/t exw-Raipur on 9 May 2024. The index continued to decline due to weak demand in both finished and semi-finished steel which also negatively impacted demand for sponge iron. Approximately 3,000 t of transactions were recorded on 9 May as against 900 t on 8 May.
BigMint’s weekly Indian low-grade iron ore fines (Fe 57%) export index remained stable w-o-w at $66/tonne (t) FOB east coast on 9 May 2024. The Indian sea market remained supportive this week following active deals at decent discount.
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.
