India: Sponge iron prices decline on weak spot demand - 9 Sep
Sponge iron prices decreased in the range of INR 100-450/tonne (t) in major markets of India on 9 September, 2023. Spot demand for semi-finished steel remained weak today...
Sponge iron prices decreased in the range of INR 100-450/tonne (t) in major markets of India on 9 September, 2023. Spot demand for semi-finished steel remained weak today, causing sponge iron prices to plummet further.
Approximately 3,050 tonnes (t) were transacted on Saturday as against 11,360 t recorded on 8 September.
Notably, the weak demand for sponge iron was caused by a significant decline in market activity for semi-finished and finished steel segments across the country.
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