- Buyers turn wary on uncertain steel demand
- Suppliers reduce offers to stimulate buying
India’s sponge iron market witnessed a price correction of INR 100-400/tonne (t) across key regions today, as market participants stayed cautious due to uncertain demand in the semi-finished and finished steel segments.
The persistent lack of buying interest prompted suppliers to revise spot offers downward in an attempt to revive market activity. However, trading volumes remained subdued, reflecting limited buyer participation across regions.
At the close of today’s session, P-DRI prices were assessed in the range of INR 24,700-28,000/t, while CDRI offers stood at INR 27,300-32,300/t.
Total sponge iron trade volumes fell sharply to around 5,100 t across India as compared to 10,400 t recorded on 11 April.
Rationale
Prices have been derived based on data sets of transactions, offers, bids, and indicative prices. Transactions are considered as T1 and given a weightage of 50%, whereas other data sets are considered T2 and given a weightage of the balance 50%.
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