Sponge iron prices exhibited contrasting trends across markets today, with some regions witnessing a drop of INR 100-200/t, while other regions experienced a slight increase of INR 50-450/t d-o-d.
This fluctuation was driven by moderate buying interest at higher offers, while weak demand in the finished steel segment kept overall market sentiments range-bound.
However, buying activity in Durgapur rose significantly today as the market opened after the Dussehra holidays.
Deals of about 12,200 t of sponge iron were recorded today compared to 6,700 t on 11 October.
Rationale
Prices have been derived based on data sets of transactions, offers, bids, and indicative prices. Transactions are considered 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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T1 – Trade, T2 – Offer/Bid/Indicative
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