- Sponge iron prices ease across regions
- Trade volumes fall significantly d-o-d
Indian sponge iron prices declined by INR 50-200/t d-o-d across major regions on subdued demand and weak market sentiment. In the Raipur market, prices fell by INR 100/t to INR 24,100/t ex-works. Despite sellers lowering offer prices to improve enquiries and bookings, buying activity remained largely muted throughout the day.
Market participation weakened considerably as most buyers had already secured sufficient material during the previous few sessions when procurement activity was relatively stronger. As a result, fresh bookings were primarily need-based, with buyers showing limited interest beyond immediate requirements. Similar trends were observed across the semi-finished and finished steel segments, where procurement activity also slowed following earlier purchases.
According to BigMint’s assessment, sponge iron trade volumes stood at around 11,400t, which was approximately 12,100 t recorded in the previous session, reflecting continuous slowdown in market activity across key 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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