- Sellers reduce prices to spur demand
- Limited deals concluded at lower tags
Sponge iron spot prices fell by INR 50-250/tonne (t) d-o-d across major Indian markets, with Raigarh witnessing the steepest drop of INR 250/t. In contrast, Bellary recorded a gain of INR 100/t in lump-based DRI, supported by localised demand.
Buyer inquiries remained scarce, indicating subdued market participation. Sellers attempted price cuts in select pockets to spur demand, but these failed to generate notable momentum. Limited deals were concluded, mostly at the lowest offers, reflecting need-based procurement, as buyers refrained from building inventory at current prices.
The semi-finished and finished steel segments mirrored this weakness, adding further pressure on raw material sentiment. Today’s trade volume stood at around 9,900 t, underscoring lower confidence and a cautious stance among buyers 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%.
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