- Upcoming festive holiday dampens overall trade momentum and participation
- Rising finished steel prices lead sponge iron prices upward
Domestic sponge iron prices rose by INR 50-300/t D-o-D across regions, driven mainly by positive sentiment in the finished steel market, which pushed overall sentiment upward. Raipur PDRI prices settled at around INR 29,450/t, down by 50/t day-on-day.
Overall buying activity stayed slow and sluggish despite the higher prices, largely due to the upcoming Vishwakarma Puja holiday, which limited market momentum. Buyers participated only in a limited manner, and even at higher rates, purchases were largely restricted to need-based procurement. Bulk buying was not observed in the region.
On the raw material front, prices remained firm-Raipur raw pellet prices stood at around INR 11,100/t, up INR 250/t-which kept pressure on sellers to hold their prices rather than offer reductions.
Trade activity was limited today due to weak buyer participation. BigMint recorded around 9,000t of sponge iron trade, down by 6,000t from the previous day, reflecting the softening buying momentum in the market.
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%.
Click here for detailed methodology
Leave a Reply