- Around 5,200 t traded amid need-based buying
- Cautious buyer sentiment leads to price decline
India’s sponge iron market continued to face pressure today, with prices showing a declining trend across key production hubs. Overall sentiment remained weak, with limited trades and muted demand from the semi-finished and finished steel segments.
- Market sentiment: Limited inquiries were observed, with buyers maintaining a wait-and-watch approach amid uncertainty in price direction.
In the billet and rebar segments, no major trades were seen today. Market activity was confined to need-based buying, with participants holding off from bulk deals due to uncertain demand outlook.
Daily trade volume was assessed at around 5,200 t, highlighting low buyer participation. Only sellers offering discounts were able to conclude deals, pointing to a continued supply-demand imbalance.
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%.
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