India: Sponge iron prices decline on weak spot demand - 13 May

Sponge iron prices fell by INR 100-250/tonne in key markets across the country due to poor purchasing activity for semi-finished steel. However, sources suggest that the market may rise in the upcoming days due to changes in market participants buying behaviour.

A total of 6,850 t of transactions were recorded today as against 10,960 t on 12 May.

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