- Buying activity muted at elevated offers
- Transaction volumes see slight drop
India’s sponge iron market witnessed a notable price increase of INR 150-500/tonne (t) across major regions today, driven by renewed optimism following the government’s announcement on Saturday regarding ongoing tensions with a neighbouring country.
Despite the surge, buying interest remained subdued at elevated offer levels, as many participants adopted a wait-and-watch approach amid cautious sentiment over the sustainability of the price rise.
At the close of today’s session, P-DRI prices were assessed in the range of INR 23,400-26,700/t, while CDRI offers stood at INR 25,800-30,600/t.
Approximately 7,950 t of deals were concluded across the country, as compared to 8,500 t recorded on 8 May, indicating restrained buying momentum despite the bullish trend.
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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