SteelMint’s domestic steel scrap (end-cutting) index decreased by INR 400/tonne (t) to INR 42,300/t DAP Mandi Gobindgarh on 20 March, 2023. Domestic scrap is readily available in the market and low demand for finished steel is the major reason behind the price drop.
Indian sponge iron prices declined in the range of INR 100-600/t in key locations on 20 March, 2023. Prices have been fluctuating widely making it difficult for buyers to predict. This has instilled caution among buyers who are procuring material only as per their immediate requirements. About 15,810 t of sponge iron deals were recorded on 20 March in India as against 5,210 t on 18 March, as per SteelMint assessment.
SteelMint’s billet index decreased by INR 100/t d-o-d to INR 45,800/tonne (t) exw-Raipur on 20 March, 2023. The index slipped amid decline in bids and limited bookings. Demand in the semi-finished and finished long steel markets remained moderate. Transactions of around 1,020 t were recorded on 20 March in Raipur as against 600 t on 18 March.
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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