India's Sponge Iron Prices Drop by INR 50-300/t; Trading Volume Falls to 6,100 Tonnes

en.Wedoany.com Reported - India's sponge iron prices declined in key regions, with intraday drops ranging from INR 50 to INR 300 per tonne, affected by sluggish demand and weak market sentiment. In the benchmark market of Raipur, prices fell by INR 150/t, with ex-works prices quoted at INR 25,100/t. Although sellers lowered their offers to attract inquiries and facilitate bookings, buying interest remained limited throughout the day.

Market activity in the sponge iron segment slowed noticeably, as most buyers had already secured sufficient raw materials during the relatively strong procurement activities in previous trading sessions. New orders were largely need-based, with participants only making purchases for immediate use. The semi-finished and finished steel segments also showed a similar trend, where prior procurement activity weakened today's demand.

According to BigMint data, sponge iron trading volume stood at approximately 6,100 tonnes, a significant drop from around 9,800 tonnes the previous day, reflecting weaker trading activity across various markets.

Prices are derived from a dataset comprising transactions, offers, bids, and indicative price data. Transactions carry a T1 weight of 50%, while other datasets carry the remaining T2 weight of 50%.

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