India: Sponge iron prices drop further on limited trading - 15 Jul

Sponge iron prices in India dropped further on 15 July 2023, by INR 50-250/tonne (t) in major markets on limited trading. Buyers were only interested in need-based procurement amid weak market sentiments.

As a result, spot trading activity continued to remain low. In addition, uncertain price movements also led to the decline in trade volumes.

About 12,700 tonnes (t) of sponge iron transactions were recorded today in the country as against 14,070 t on 14 July.

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