India: Sponge iron prices remain stable on selective procurement
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- Prices inch down in select regions
- Trade volumes edge higher d-o-d
Sponge iron prices remained largely stable across regions on 15 June, with only marginal corrections of INR 50-100/t recorded in select markets. In the key Raipur market, prices eased by INR 100/t to INR 24,000/t ex-works. However, despite lower offers from sellers, trade activity was limited. Market activity remained largely need-based, with buyers continuing to procure limited quantities at competitive price levels. While enquiry levels were moderate and deal closures remained selective, sellers largely maintained a stable stance amid ongoing market uncertainty.
The finished steel segment also witnessed cautious buying activity, though regular trade flow continued. Softer raw material prices provided some cost support to mills, helping offset pressure from subdued demand conditions.
Total traded sponge iron volumes stood at around 8,700 t, slightly higher than the previous session, which was around 7,950. Overall, the market remained steady, with participants closely monitoring demand trends and raw material movements for clearer direction.
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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