- Festive day slows trade activity, buyer participation
- Slow finished steel demand weighs on market sentiment
Domestic sponge iron prices declined by around INR 50-250/t across regions today, amid lower buyer participation and limited market activity due to a festive holiday. The overall market remained slow, with only need-based buying observed and no major bulk trading activity reported. Most buyers have already booked material and are showing limited interest in fresh purchases, keeping trade volumes subdued.
Raipur PDRI prices settled at around INR 28,500/t ex-works Raipur and remained stable today. However, sentiment continues to remain weak as finished steel prices are witnessing a downward movement, weighing on the overall market. Pressure on raw material prices is also impacting sellers’ margins.
BigMint recored sponge iron trade volume at around 6,000 t, nearly 5,000 t lower than the previous day. The sharp decline highlights weak participation, buyer hesitation and softening market momentum.
Rationale
Prices have been derived based on transactions, offers, bids, and indicative price data sets. Transactions are considered as T1 and given aweightage of 50%, whereas other data sets are considered as T2 and given a weightage of the balance 50%.
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