India: Sponge iron prices dip d-o-d, trade volumes rise on lower offers - 19 Jun

Sponge iron prices in India decreased by INR 100-400/t in majority of key markets on 19 June, 2023. However, sponge iron prices in Bellary witnessed a slight rise of INR 100/t amid material shortage in the region.

About 12,000 tonnes (t) of sponge iron transactions were recorded today in India as against 4,150 t on 17 June.

Trading activity increased marginally at lower prices. However, market players remained cautious due to a lacklustre response from the finished steel market, SteelMint noted. A significant steel price adjustment in the northern region has also dragged prices down.

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