India: Sponge iron prices edge up as steel prices rise further - 9 May

Sponge iron prices in India increased in the range of INR 50-950/tonne (t) in key markets amid rising steel prices. Despite higher offers from suppliers, the market experienced decent trading activity today.

Producers increased offers sensing a rise in demand for sponge iron. Demand rose because prices of semi-finished steel increased considerably as spot demand firmed up. Billet prices rose in the range of INR 250-1,000/t across regions.

A total of 19,850 t of transactions were recorded today as against 36,900 t on 8 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