India: Sponge iron market witnesses mixed trend amid volatility - 25 Oct

Indian sponge iron prices inched up in the range of INR 50-300/tonne (t) in some key locations on 25 October, 2023. On the other hand, prices in the Rourkela, Mandi Gobindgarh and Raipur witnessed a drop of INR 100-300/t.

Steel prices have been fluctuating widely, making it difficult for buyers to attain any clarity on prices. This has instilled caution among buyers, forcing them to procure material only as per immediate requirement and that, too, after considerable bargaining. Thus, the market exhibited a mixed trend today.

About 21,500 tonnes (t) of sponge iron transactions were recorded on Wednesday across the country as against 3,400 t recorded on 23 October.

T1 - Trade, T2 - Offer/Bid/Indicative