- Select eastern markets record slight drops of INR 50-200/t
- Need-based buying continues amid moderate enquiries
Indian sponge iron prices remained largely stable d-o-d across regions on 16 June, with only marginal corrections of INR 50-200/t reported in select eastern markets. In the benchmark Raipur market, prices edged up by INR 50/t to INR 24,050/t ex-works.
Market activity continued to be driven by need-based procurement, with buyers purchasing limited volumes at competitive price levels. Enquiry levels remained moderate, while deal closures were selective. Sellers largely maintained a stable pricing stance amid prevailing market uncertainty.
In the finished steel segment, buying interest remained cautious, although regular trade flow continued. Softer raw material prices provided some cost relief to mills, partially offsetting the impact of subdued demand.
Total sponge iron trade volumes were at around 8,600 t, largely unchanged from the previous session. Overall market sentiment remained steady, with participants closely tracking demand trends and raw material movements for further direction.
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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