- Finished steel prices up INR 100-500/t d-o-d
- Positive sentiment lifts offers by INR 50-300/t
Sponge iron prices across key markets strengthened by INR 50-300/t d-o-d supported by improved sentiment in the steel value chain and firmer producer offers. The most notable increments of INR 300/t were observed in Raigarh and Hyderabad driven by marginally improved buying interest and a more constructive market outlook. In contrast, Mandi Gobindgarh (CDRI) registered a decline of INR 100/t, reflecting subdued local demand and cautious procurement behaviour.
Market offers increased on a d-o-d basis; however, actual buying remained largely need-based, indicating continued reluctance from buyers to commit to higher prices. While enquiry levels improved, the conversion into confirmed trades stayed limited. Sellers attempted to stimulate interest with competitive offers, and a gradual improvement in sentiment was visible due to increased semi-finished steel market activity.
Trade volume
Total trade volume stood at 11,000 t, slightly below the previous day’s 12,000 t, suggesting softening momentum. Raw material prices remained stable, with pellet prices in Raipur at INR 9,550/t (ex-works) and iron ore prices holding firm.
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