India: Sponge iron prices dip further amid unclear market trends - 31 May

Sponge iron prices decreased by INR 50-200/t in key locations across the country today on unclear market trends.

Overall, spot trading activity remained rather limited compared to Yesterday. But, even though price volatility persists, buyer re looking for material but at lower prices.

Market participants were, however, uncertain as to which direction prices could take in the next few days.

About 11,150 tonnes (t) of sponge iron transactions were recorded today in India as against 23,390 t on 30 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