India: Sponge iron prices continue to decline on low demand - 14 Jul

Sponge iron prices fell by INR 50-400/t in key domestic markets today amid limited demand along with weak sentiments in the spot market. This prompted suppliers in various regions to reduce offers.

Market participants lacked trust in the direction of price change. As a result, spot trading remained limited.

About 14,070 tonnes (t) of sponge iron transactions were recorded today in India as against 13,350 t on 13 July.

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%.

Click for detailed methodology

T1 - Trade, T2 - Offer/Bid/Indicative