India: Sponge iron prices edge up d-o-d amid subdued demand- 9 Aug

India's sponge iron prices increased in the range of INR 50-200/tonne (t) in some key locations today even as demand remained low. Very few deals were heard throughout the day as buyers focused only on need-based procurement. Prices in the northern and southern regions dropped slightly by INR 50-100/t.

About 13,900 t of sponge iron transactions were recorded in the country on Wednesday compared to 23,750 t on 8 August.

Spot buying interest was low which, coupled with unpredictable steel price movements, weighed on overall trade volumes. Market participants are waiting for prices to stabilise.

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