SteelMint Daily Trade Sheet - 24 Nov'22

SteelMint's daily steel billet index was assessed at INR 41,000/tonne (t) (- INR 1,200/t) exw-Raipur on 23 November, 2022. The index dropped further due to lower bids and on demand concerns in the spot market amid weak finished steel sales at prevailing offers.

Iron ore concentrate prices in Jabalpur, central India, witnessed a significant increase this week following a sharp hike in pellet prices after the govt rolled back export duties on iron ore and pellets. SteelMint's assessment for Fe 63% concentrate prices currently stands at around INR 3,500/tonne (t) exw, a rise of INR 600/t, w-o-w. However, trades are yet to pick up as no active deals have been reported at current offers.

India's pellet export trade activities have improved following the export duty withdrawal by the Indian government last week. SteelMint's India pellet (Fe 63%, 3% Al) export index, FOB east coast, stood at $101/t on 23 Nov'22. Trade activities have picked up post removal of 45% export duty announced last week by the Indian govt.

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.