- Continued pressure keeps market sentiment subdued
- Cautious buying as enquiries and volumes decline
Indian sponge iron prices witnessed a downtrend on 24 March, declining by INR 100-300/t across regions. Continuous pressure was observed in the sponge iron market, weighing on overall sentiment. Buying activity remained low to moderate, with limited enquiries across markets. Amid persistent price corrections, buyers largely adopted a wait-and-watch approach, leading to cautious and need-based procurement during the day.
Demand in the finished and semi-finished steel segments remained steady, leading to a subdued market sentiment in the sponge iron market today. Enquiry levels were limited and buying activity remained largely cautious, reflecting subdued participation across regions.
Trade volumes decreased to around 7,400 t today from nearly 9,100 t in the previous session, reflecting weak market participation. On the cost front, pellet prices remained stable, with Raipur pellets assessed at around INR 10,650/t ex-works.
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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