India: Sponge iron prices drop, trade volumes rise on lower offers - 22 May

Sponge iron prices in India declined in the range of INR 100-500/t on 22 May, 2023. Demand surged at lower prices which resulted in increased trading activity, particularly in the eastern and central regions. However, market participants remained cautious due to weak response from the finished steel segment.

A total of 17,530 t of transactions were recorded today compared with 4,340 t on 20 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%.

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T1 - Trade, T2 - Offer/Bid/Indicative