India: Sponge iron prices continue to edge up as steel prices rise - 14 Apr

Sponge iron prices in India increased by INR 50-300/t in key locations on rising steel prices on 14 April, 2023. Spot trading was moderate throughout the day. Market participants booked sufficient orders yesterday and hence sought to avoid bulk bookings.

A total of 12,290 t of transactions were recorded today as against 26,900 t on 13 April.

Rising billet prices

The increase in billet prices by INR 100-400/t across regions was the key factor supporting sponge iron prices.

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