India: Sponge iron prices drop, trade volumes rise on lower offers - 27 Jun

Sponge iron prices in some key locations of India fell by INR 100-200/tonne (t) on 27 June, 2023. Meanwhile, sponge prices in Rourkela and Raigarh showed a marginal uptick of INR 50/t. Demand was noticed at lower prices, resulting in increased trading activity. The eastern and central regions especially witnessed increased trading.

About 17,760 t of sponge iron transactions were recorded today in the country as against 14,860 t on 26 June.

Overall, market players were still cautious due to limited response from the finished steel segment.

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