- Eastern region leads price gains on positive market sentiment
- Festive mood limits participation; only need-based buying seen
Domestic sponge iron prices rose by INR 50-500/t across regions, led by the eastern region, mainly on positive market sentiment. Healthy enquiries in the region further strengthened the overall market. BigMint’s Raipur PDRI assessment settled at around INR 28,000/t, up INR 200/t day-on-day.
However, overall buying interest remained limited, with limited bulk purchasing observed. Bookings concluded in the previous session, coupled with firm sentiment, boosted sellers’ confidence and prompted them to raise their offers. While buyer enquiries were healthy, many buyers restricted purchases at the higher price levels, so enquiries did not fully convert into deals. As a result, trading activity in the sponge iron market stayed moderate.
BigMint recorded trade volumes of around 14,000 t, down 2,000 t from the previous day, reflecting softer buying momentum at elevated prices. Additionally, the festive holiday mood kept market participation thin, with only need-based buying observed. Most buyers preferred to stay on the sidelines and procure only for immediate requirements.
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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