India: Mill scale prices exhibits mixed trends in key regions

• Need-based procurement keeps trading activity subdued
  
  
• Trades remained muted in Jalna
  
  

Mill scale prices exhibited overall mixed trends across key regions. According to BigMint's latest assessment, Fe 69% mill scale prices in Kandla fell by INR 50/t ($0.5/t) to INR 8,050/t ($85/t) DAP compared to 27 June. In contrast, prices in Raipur increased by INR 100/t ($1/t) to INR 7,150/t ($75/t) ex-works, while Jalna witnessed a steady trend at INR 6,500/t ($69/t) ex-works against 24 June.

Kandla:

Mill scale prices in Kandla continued to trend lower during the assessment period, weighed down by weak export demand and comfortable inventory levels with exporters. Market activity remained limited, with participants largely focused on dispatching previously booked cargoes rather than entering into fresh procurement. While some exporters have temporarily suspended purchases, others continued to procure only on a need-based basis at lower price levels. According to market participants, sellers are attempting to maintain offers above INR 8,000/t, whereas buyers continue to target INR 7,500-7,800/t, indicating a gradual downward bias. Around 2,000 t of transactions were concluded during the week at INR 7,800-8,100/t ($82-85/t) DAP Kandla.

Raipur:

Mill scale prices in Raipur strengthened during the week, supported by tight availability of quality material despite subdued downstream demand. Sellers remained reluctant to offer discounts, enabling transactions to conclude at higher levels. A Raipur-based trader told BigMint, "Demand for mill scale is expected to improve with the onset of the monsoon, as consumption typically picks up during this period. Therefore, prices are unlikely to witness any significant correction." Around 2,050 t of deals were concluded during the week at INR 7,100-7,300/t ($75-77/t) ex-works.

Jalna:

Mill scale prices in Jalna remained largely stable during the assessment period, with market activity continuing at a subdued pace. Fresh buying interest was limited, as most participants focused on lifting and dispatching previously booked material. Although sellers remained active in fulfilling existing commitments, no spot transactions were recorded during the current publishing window, reflecting the cautious procurement approach adopted by buyers.