- Limited demand continue to weigh market sentiment
- Spot prices varied across major regions in India
India’s sponge iron market exhibited a mixed trend on 10 December, due to region-specific demand dynamics and prevailing uncertainty regarding near-term market movement. Market participants maintained a cautious stance, with most buyers restricting procurement to immediate requirements amid ambiguity over short-term pricing direction.
Price Movement
- PDRI: Prices softened by INR 100/t in Jharsuguda and Hyderabad. Conversely, Raigarh and Durgapur registered a price uptick of INR 100-200/t, while other key producing regions reported no major fluctuations, maintaining a stable trend.
- CDRI: Prices declined by INR 50-200/t across Rourkela, Bellary, and Mandi Gobindgarh. In contrast, Durgapur witnessed a price increase of INR 100/t, whereas Ramgarh and Raigarh remained stable, reflecting localized demand support.
Throughout the trading session, sellers attempted to firm up offers; however, limited buying interest and subdued participation kept the market muted. Buyers largely followed a wait-and-watch strategy, seeking clearer direction before committing to bulk bookings, as mixed cues continued to cloud overall market sentiment.
Daily trade volumes were assessed at 6,000 tonnes, marginally higher than the previous day’s 4,000 tonnes. Meanwhile, pellet prices in Raipur remained unchanged at INR 9,300/t ex-works, suggesting balanced fundamentals and steady sentiment in the raw material segment.
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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