SteelMint’s bi-weekly domestic pellets (Fe 63%) index, PELLEX, stood at INR 10,000/tonne (t) DAP Raipur, inching down by INR 100/t on 10 February compared to the last assessment on 7 February, 2023. No deals were reported. Most of the buyers kept away from making fresh bookings on falling sponge prices and anticipation of drop in pellets offers in the near-term.
Sponge iron prices fell by INR 200-400/tonne (t) in key locations across the country. The prices fell sharply following the continued weakness in spot demand for semi-finished steel products. Sponge iron demand was low as a result of a significant price decline in the billets segment. About 12,100 t of sponge iron transactions were recorded on 10 February in India as against 19,100 t on 9 February.
SteelMint’s domestic steel scrap (end-cutting) index fell by INR 400/tonne (t) to INR 42,000/t DAP Mandi Gobindgarh on 10 February, 2023. Low demand for semi-finished steel and finished products put downward pressure on scrap prices.
The below sheet summarises confirmed trades/offers of iron and steel products collected by SteelMint to help our users keep track of day-to-day trade dynamics.
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