Wedoany.com Report, On March 12, price divergence was observed in the Indian sponge iron market. Prices rose by 50-200 Indian Rupees per tonne in the central and eastern regions, while they fell by 100-200 Indian Rupees per tonne in the southern market. Procurement activity remained at low to moderate levels, with no significant demand seen at the higher price ranges. Market participants generally adopted a cautious, need-based purchasing strategy.
Demand in the finished and semi-finished steel segments remained moderate. Although prices saw slight increases, market sentiment showed no significant improvement. Inquiry levels were limited, and most procurement activity was cautious, reflecting a soft market mood.
The trading volume for the day was approximately 8,200 tonnes, largely consistent with yesterday's level of around 8,950 tonnes. Despite stable trading volumes, participants generally maintained a wait-and-see attitude.
On the cost front, pellet prices remained stable, with the Raipur pellet ex-works price assessed at around 11,000 Indian Rupees per tonne. The price is derived based on a dataset comprising trades, offers, bids, and indicative prices. Trades are considered T1 with a weightage of 50%, while other datasets are considered T2 with the remaining 50% weightage.
