- Eastern region leads rise in sponge prices today
- Bookings remain subdued over slow trade activity
Sponge iron prices in India moved up today, with spot offers rising by INR 100-450/tonne across major regions. Durgapur led the rally with the steepest hike of INR 450/t day-on-day (d-o-d), while Hyderabad was the only region to record a drop of INR 100/t, reflecting mixed regional trends.
The early trading session saw improved sentiment, supported by short-term restocking activity that pushed prices higher. Traders and manufacturers responded to immediate supply needs, driving the bullish tone. However, the momentum faded in the second half of the day as both finished and semi-finished steel markets remained quiet.
Buying interest was limited, with most participants adopting a wait-and-watch approach after securing sufficient inventory earlier.
Around 11,300 t of sponge iron deals were reported nationwide. Despite today’s gains, muted demand could cap further price increases in the near term.
Rationale
Prices have been derived based on transactions, offers, bids, and indicative price data sets. Transactions are considered as T1 and given a weightage of 50%, whereas other data sets are considered as T2 and given a weightage of the balance 50%.
Click here for detailed methodology
Leave a Reply