India: Sponge iron prices dip d-o-d, trade volumes rise on lower offers - 20 Jul

Sponge iron prices in India decreased by INR 100-250/t on 20 July, 2023. However, prices in Raipur showed a marginal uptick of INR 50/t.

About 18,850 tonnes (t) of sponge iron transactions were recorded today across the country as against 12,810 t on 19 July.

Trading activity increased on improved demand at lower prices, especially in the eastern and central regions. Nevertheless, 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