India: Sponge iron market remains muted amid mixed regional trends - 28 Aug

• Market participants adopt wait-and-watch stance
  
  
• Buyers stay away after hefty bookings in previous session
  
  

The Indian sponge iron market exhibited a mixed trend today, with prices fluctuating across regions amid weak demand. Raipur, Bellary, and Jharsuguda recorded a decline of INR 50-100/t, reflecting subdued regional buying. Meanwhile, Ramgarh witnessed a price increase of INR 100/t, while other key regions remained largely stable, weighed down by weak sentiment.

Attempts to build positive momentum in the first half of trading failed to sustain, with prices returning to previous levels by the close-similar to the earlier session. Buyer participation was limited, with trading confined to immediate requirements. No major bookings or strong inquiries were reported.

Total recorded trades stood at 7,050 t, underscoring muted activity and market hesitation. Both finished & semi-finished steel segments showed no major price movements or trades, continuing to reflect cautious sentiment in the broader steel value chain.

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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