SteelMint Daily Trade Sheet - 23 Mar'23

SteelMint's domestic steel scrap (end-cutting) index remained stable at INR 42,300/t DAP Mandi Gobindgarh on 23 March, 2023. The market for semis and finished steel was weak. Moreover, the liquidity issue presisted.

Sponge iron prices in India fell in the range of INR 100-300/tonne (t) in key locations, with spot trades remaining moderate due to the continuous decline in steel prices in north India, particularly Punjab. According to sources, uncertain price movements weighed on spot trade volumes. About 20,890 t of sponge iron transactions were recorded on 23 March as against 13,300 t on 22 March.

SteelMint's weekly index of India's low-grade iron ore fines (Fe 57%) exports stood at $71/tonne (t) FOB east coast on 23 March, 2023, falling by $11/t w-o-w to a two-month low. The low-grade iron ore export prices decreased sharply due to global financial issues and a large drop in global iron ore (Australian origin, Fe 62%) this week.

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.