India: Sponge iron prices drop further on soft steel demand - 13 Jul

Sponge iron prices in key domestic markets dropped in the range of INR 50-350/tonne (t) due to soft steel demand.

As a result, moderate spot transactions were seen which led to a decline in both offers and bids, thereby exerting further pressure on suppliers.

Limited enquiries were heard today and market participants booked material to meet immediate needs and at lower prices.

About 13,350 tonnes (t) of sponge iron transactions were recorded today in India as against 21,150 t on 12 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