- Prices increase by INR 50-250/t d-o-d
- Cautious buyer behaviour lead to lower bookings
India’s sponge iron market registered a day-on-day price increase of INR 50-250/t, led by Raigarh, which recorded the sharpest rise of INR 250/t. The upward momentum extended from the previous session, supported by positive sentiment and stronger bookings earlier in the previous session. Encouraged by this trend, sellers lifted their offers; however, the sharp increase prompted buyers to take a more cautious stance, weighing on fresh purchases.
Market highlights
- Buyer confidence: Despite supportive sentiment, most buyers refrained from bookings at elevated offers, waiting for price clarity before making further bookings.
- Regional trend: Raigarh led the price gains, while other markets saw moderate increases amid limited trade activity.
Total sponge iron bookings stood at 14,900 t, down sharply from 28,000 t in the previous session, underscoring buyer resistance to higher offers. The outlook remains cautiously optimistic, hinging on price stability and sustained downstream demand in the near term
Rationale
Prices have been derived based on data sets of transactions, offers, bids, and indicative prices. Transactions are considered as T1 and given a weightage of 50%, whereas other data sets are considered T2 and given a weightage of the balance 50%.
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