- Trade momentum slows amid weak festive-day participation
- Buying participation remained weak and limited today
Sponge iron prices witnessed a correction of around INR 50-400/t across regions today, amid weak enquiry and limited buying participation, largely due to the Janmashtami festival. In Raipur, BigMint’s PDRI prices settled at INR 29,000/t, marginally down by INR 50/t, reflecting subdued demand and weak market activity.
Overall market sentiment remained bearish as buying activity continued to weaken. Demand from the finished steel segment remained sluggish, and from finish steel segment support is limited. The Janmashtami holiday further slowed market momentum, with both buyers and sellers showing limited participation and remaining largely inactive in the market. Consequently, trade enquiries remained subdued, while market participants adopted a cautious approach.
Trade momentum also remained under pressure as weak demand weighed on overall sentiment. BigMint recorded around 5,000 t of sponge iron trades today, down by nearly 5,000 t from the previous day, highlighting the sharp decline in trading activity.
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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