- Finished steel prices rise by INR 100-1,000/t, supporting market sentiment
- Buyers remain cautious at higher price levels, continue with need-based procurement
Domestic sponge iron prices rose by around INR 100-300/t across regions, supported by firm finished steel prices and elevated raw material costs. In Raipur, PDRI prices settled at around INR 29,300/t, remaining stable day-on-day.
Market sentiment continued to remain firm as finished steel prices increased by around INR 100-1,000/t across key regions, providing support to sponge iron prices. The rise in finished steel prices, coupled with higher raw material costs, has created cost-push pressure in the market and encouraged sellers to maintain firm offers.
However, trade momentum remained slow at higher price levels, with buyers adopting a cautious approach. Most participants continued to procure only according to immediate requirements, limiting overall trading activity.
BigMint recorded trade volumes of around 7,000 t today, down by 4,000t from the previous day, indicating weaker buying interest amid elevated prices. Overall, the market remained firm, but further price gains may depend on sustained finished steel demand and improvement in buying 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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