- Trade volumes decline sharply amid cautious buying
- Buyers remain cautious amid continued price corrections
Indian sponge iron prices witnessed a mixed trend on 10 March. Prices fell by INR 100-400/t in the central and northern markets, while the eastern and southern regions recorded an uptick of around INR 50-400/t. Buying activity remained low to moderate, with limited enquiries across markets. Amid continuous price corrections, buyers largely adopted a wait-and-watch stance, leading to cautious and need-based procurement during the day.
Demand in the finished and semi-finished steel segments remained steady, leading to dull market sentiment in the sponge iron market today. Enquiry levels were limited and buying activity remained largely cautious, reflecting subdued participation across regions.
Trade volumes declined sharply to around 4,200 t today, compared to nearly 20,700 t in the previous session, indicating weaker buying activity and reduced market participation. The drop in volumes reflects cautious buyer sentiment amid the ongoing price correction and limited enquiry levels.
On the cost front, pellet prices moved up by INR 300/t, with Raipur pellets assessed at around INR 11,000/t ex-works.
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%.
Click here for detailed methodology
Leave a Reply