India: Sponge iron prices continue to rise on active spot trading - 31 Jul

Sponge iron prices in India rose by INR 50-500/t across key locations today. Buying interest among participants remained active throughout the day.

Sources informed spot purchase enquiries increased amidst rising steel prices in the Punjab market, which nudged producers to float offers at higher levels. Trade activities significantly improved as only a few bookings were seen on Saturday.

About 21,100 tonnes (t) of sponge iron transactions were recorded in the country on 31 July, compared to 13,050 t recorded on 29 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