- Buyers show resistance, citing high offers
- Soft finished demand triggers corrections
India’s sponge iron prices exhibited mixed trends on 11 July, with tags largely trending down in key producing regions amid subdued demand and limited inquiries.
Spot corrections of INR 50-200/tonne (t) d-o-d were observed in most areas, except in Durgapur and Hyderabad, where a slight price uptick of INR 100-200/t was recorded.
Cautious buying behaviour prevailed as participants refrained from fresh procurement, citing elevated offers and persistently weak finished steel demand. Market activity was weak, with limited spot transactions and a restrained outlook.
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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