- Buyers avoid bulk bookings expecting further correction
- Pellet prices remain unchanged d-o-d in Raipur
Sponge iron prices across regional markets in India continued to lose momentum on 18 November, registering a decline of INR 100-200/t d-o-d. The overall market tone remained weak as trading interest was limited and demand stayed subdued. The only exception was the southern region, where prices held steady.
Buying activity across markets was largely restricted to urgent requirements. Many buyers refrained from placing bulk orders, anticipating further price correction in the near term. Inquiries remained soft across regions, although the eastern market saw slightly better buying interest compared to the others.
Market sentiment was cautious, with participants adopting a wait-and-watch approach due to uncertain price direction. As a result, only sellers offering competitive rates were able to conclude small, need-based transactions. Bulk bookings remained absent, reinforcing the broader trend of restrained market participation.
Overall trade volumes were estimated at around 14,000 t on a pan-India basis, highlighting limited activity. In the raw material segment, pellet prices in Raipur remained unchanged at INR 9,600/t exw, indicating stable sentiment despite the weakness in sponge iron.
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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