India: Sponge iron prices edge up amid rising steel prices - 12 Jul

Sponge iron prices in India increased by INR 50-250/tonne (t) in some key markets amid rising steel prices on 12 July, 2023. However, sponge prices in Raipur and Jharsuguda dropped by INR 50-100/t as buyers resisted higher offers from suppliers.

Producers increased offers sensing a rise in demand for sponge iron. Sources informed SteelMint that demand rose because prices of semi-finished steel increased considerably as spot demand firmed up. On the other hand, billet prices rose in the range of INR 100-400/t across regions.

About 21,150 tonnes (t) of sponge iron transactions were recorded today in the country as against 13,460 t on 11 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