- Sponge iron prices rise on firm buying interest
- Eastern buying remains healthy
Domestic sponge iron prices increased by around INR 300-750/t across regions today, supported by improved buying interest. Trading activity was good, particularly in the eastern region, where moderate to healthy buyer participation supported price momentum. Activity remained relatively steady in the central and southern regions, with buyers continuing to make purchases at higher price levels.
Raipur PDRI prices increased by around INR 500/t today, settling at approximately INR 29,000/t ex-works Raipur. Market sentiment remained positive, supported by firm buying interest and higher prevailing sponge iron prices. The upward price movement was also reinforced by improved market confidence, with sellers maintaining firm offers amid the positive trend.
BigMint recorded sponge iron trade volume at around 21,950 t today, indicating healthy trading activity across the market. The higher volume reflects improved buyer participation and firm market momentum.
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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