SteelMint Daily Trade Sheet - 4 Feb'23

SteelMint's weekly Odisha iron ore fines (Fe 62%) index rose by INR 150/t to INR 5,400/tonne (t) ex-mines (including royalty, DMF and NMET) on 4 February. The market is trending upward due to the lack of high-grade raw material availability. However, limited deals were reported because of the decline in pellet and sponge iron prices this week.

SteelMint's domestic scrap index remained stable as the market fluctuated in the range of INR 200/tonne (t) on 4 February. Meanwhile, end-user demand for steel continued to remain limited. End-cutting scrap prices were recorded at INR 42,700/t DAP Mandi Gobindgarh on 4 February, 2023.

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 offers. About 9,800 t of sponge iron transactions were recorded on 4 February in India as against 11,460 t on 3 February.

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.