SteelMint Daily Trade Sheet - 7 Feb'23

SteelMint's bi-weekly domestic pellets (Fe 63%) index, PELLEX, stood at INR 10,100/tonne (t) DAP Raipur, inching down by INR 50/t on 7 February compared to the last assessment on 3 February, 2023. No deal was reported. Despite the drop in offers by players, buyers are not very aggressive in booking material due to the fall in sponge and billet prices.

Indian sponge iron prices fell by INR 200-600/t in some key locations. Meanwhile, prices in Bellary inched up by INR 50/t. Prices continued to fall in the northern and eastern regions of the country as spot trading remained limited. About 11,600 t of sponge iron transactions were recorded on 7 February in India as against 19,470 t on 6 February.

SteelMint's India HRC (SAE1006) export index rose by $25/t to $715/t FOB east coast from $690/t FOB last week. Mills continued to hold back offers for Vietnam. Meanwhile, some deals were reported for Middle East and the European Union. However, with the fall in Chinese steel futures and prices, market trends have slowed down globally.

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.