- Cautious buying keeps market activity subdued
- Slow bookings result in lower trade volumes
Domestic sponge iron prices declined by INR 100-300/t d-o-d as on 8 June across key regions on weak buying interest. In the benchmark Raipur market, prices slipped by INR 100/t to INR 24,300/t ex-works. Market activity remained sluggish, with only a limited number of deals concluded during the day, largely at lower price levels. To improve bookings, sellers further reduced their offer prices; however, buyer participation remained restricted.
Meanwhile, the finished steel market also witnessed subdued trading activity, with most transactions materialising at discounted rates. While mills largely attempted to maintain price stability and avoid a sharper correction, traders lowered their offers to conclude deals amid weak demand conditions.
Overall sponge iron trade volume stood at around 9,350 t, down from approximately 10,800 t in the previous session, indicating continued cautious procurement and slow market movement across regions.
Rationale
Prices have been derived based on transactions, offers, bids, and indicative price data sets. Transactions are considered as T1 and given a weightage of 50%, whereas other data sets are considered as T2 and given a weightage of the balance 50%.
Click here for detailed methodology
Leave a Reply