India: Sponge iron prices dip d-o-d, trade volumes rise on lower offers - 21 Aug
Sponge iron prices in India decreased by INR 50-500/t on 21 August, 2023. Trading activity increased on improved demand at lower prices, especially in the eastern and cen...
Sponge iron prices in India decreased by INR 50-500/t on 21 August, 2023. Trading activity increased on improved demand at lower prices, especially in the eastern and central regions.
About 14,420 tonnes (t) of sponge iron transactions were recorded in the country on Monday compared to 7,290 t on 19 August.
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
