en.Wedoany.com Reported - Sponge iron prices in most regions of India increased by INR 50-200/ton, driven by positive sentiment in the previous trading session's tail end. Sellers raised offers amid improved market sentiment. BigMint's assessment shows that the PDRI price in Raipur stood at INR 23,250/ton, up INR 150/ton from the previous assessment. However, as most buyers had already completed their stockpiling yesterday, buyer interest was limited, and trading activity fell short of expectations.

Sponge iron producers continue to face margin pressure, prompting sellers to maintain firm offers, with the slight improvement in sentiment further boosting their confidence. Despite the price increase, transactions at higher levels were mostly for essential demand, as weak demand discouraged buyers from building new inventories.

The finished steel market failed to provide sufficient support to improve trading momentum, with overall consumption still limited to immediate demand. On the raw material front, the pellet price in Raipur was assessed at INR 9,200/ton, also showing an increase. The rise in pellet prices supported seller sentiment, but demand remained sluggish.

Trading activity in the sponge iron market remained subdued overall, with inquiries limited to essential procurement. According to BigMint data, approximately 13,000 tons of PDRI were transacted today, a decrease of nearly 3,000 tons from the previous day. The decline in trading volume indicates that despite improved market sentiment, buyers are adopting a wait-and-see approach toward higher prices.

Prices are derived from a dataset of transactions, offers, bids, and indicative prices. Transactions are classified as Tier 1, with a weight of 50%; other datasets are classified as Tier 2, with a weight of 50%.