India: Sponge iron prices edge up on rising steel prices - 31 Aug

India's sponge iron prices increased in the range of INR 50-200/tonne (t) in some key locations today on rising steel prices even as demand remained low. However, prices in the southern region inched down by INR 100-200/t.

About 15,750 tonnes (t) of sponge iron transactions were recorded in the country on Thursday compared to 13,400 t on 29 August.

Limited deals were heard throughout the day as buyers focused only on need-based procurement.

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