SteelMint’s bi-weekly domestic pellets (Fe 63%) index, PELLEX, remained stable at INR 10,200/tonne (t) DAP Raipur on 3 March compared to the last assessment on 24 February, 2023. No deal was reported due to low buying interest. Market participants are currently in wait-and-watch mode.
Sponge iron prices fell by INR 50-300/t in key locations of the country amid lack of buying enquiries due to weak sentiments in the spot market. This, in turn, prompted sponge suppliers in various regions to reduce their offers. About 17,200 t of sponge iron transactions were recorded on 3 March in India as against 14,500 t on 2 March.
SteelMint’s billet index fell by INR 250/t to INR 46,000/tonne (t) exw-Raipur on 3 March, 2023. The index fell marginally on account of sluggishness in the market following moderate finished steel sales. However, spot trade has improved as some buyers resumed purchases due to limited stocks. Transactions of around 3,400 t were recorded on 3 March in Raipur as against 1,600 t reported on 2 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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