- Raipur PDRI prices drop INR 150/t to around INR 28,000/t
- Trade volumes soften amid limited buyer participation
Sponge iron prices in India fell by INR 100-300/t across most regions today, as the festive season slowed market activity. Material is moving slowly, with purchases largely need-based. In Raipur, pellet-based DRI (PDRI) prices settled at around INR 28,000/t, down INR 150/t d-o-d. The southern region bucked the trend, with prices rising INR 100-300/t.
Overall trading activity remained very weak and buyer participation was limited. No major bulk bookings were reported, and buyers made only need-based purchases. Pressure in the finished steel market added to the weak mood, with prices down INR 100-500/t across regions.
BigMint recorded trades of around 5,000 t, about 8,000 t lower than the previous day. The drop reflects slowing trade momentum and cautious buyer behaviour, and a near-term recovery is likely to depend on demand picking up after the festive period.
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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