- Trade volume rises d-o-d on higher buyer participation
- Finished steel price rise, boost overall market sentiment
The domestic sponge iron market witnessed upward momentum today, with prices rising by around Rs 50-500/t across regions, mainly on the back of improved sentiment in finished steel. However, as per BigMint, Raipur DRI prices settled at around Rs 29,450/t exw-Raipur, down Rs 150/t d-o-d, on account of selling pressure in the Raipur region.
Overall market sentiment remained positive today, with sellers raising prices amid improved finished steel demand. This positive sentiment pushed the sponge iron market towards an upward price trend, with finished steel prices also rising by Rs 200-1,000/t today. However, at higher rates, buyers turned slightly cautious, though a moderate level of buying interest was observed.
Overall trade activity remained moderate, with BigMint recording around 15,000 t of trade today, compared to 5,000 t the previous day-reflecting a sharp jump in trade momentum. This surge was largely attributed to buyers refraining from active participation on Ganesh Chaturthi the previous trading day, leading to pent-up demand and higher participation, which in turn drove up today’s trade volumes.
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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