India: Sponge iron prices drop, trade volumes rise on lower offers - 30 May
Sponge iron prices in some key locations in India fell by INR 100-500/t on May 22, 2023. On the other hand, sponge prices in Durgapur and Mandi Gobindgarh saw an uptick o...
Sponge iron prices in some key locations in India fell by INR 100-500/t on May 22, 2023. On the other hand, sponge prices in Durgapur and Mandi Gobindgarh saw an uptick of INR 50-300/t.
Demand emerged at lower prices, resulting in an increased trading activity, especially in the eastern and central regions. However, market players were cautious due to a lacklustre response from the finished steel segment.
About 23,390 tonnes (t) of sponge iron transactions were recorded today in India as against 14,520 t on 29 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