- Prices rise by INR 50-400/t d-o-d across regions
- Trade volumes decline d-o-d amid cautious market sentiment
India’s sponge iron prices rose by INR 50-400/t d-o-d across regions on 15 May, supported by higher seller offers following improved procurement activity in the previous session. However, trading activity remained limited today, as most buyers had already covered immediate requirements yesterday, restricting fresh enquiries in the market. Overall sentiment continued to remain cautious amid subdued finished steel demand.
The finished and semi-finished steel segments also witnessed subdued participation across regions, as buyers largely stayed away from fresh bookings. BigMint recorded sponge iron trade volumes at 11,150 t on 15 May, down from approximately 16,900 t in the previous session, reflecting weaker procurement activity in the market today. Buying interest remained largely need-based, while cautious sentiment continued to prevail.
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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