India: Sponge iron prices fall as buyers resist higher offers - 9 Jun

Sponge iron prices in India fell in the range of INR 50-250/t in some key locations today. Prices fell because buyers resisted higher offers quoted by suppliers. On the other hand, sponge prices in Rourkela and Hyderabad increased marginally by INR 50-300/t.

About 10,320 tonnes (t) of sponge iron transactions were recorded in the country on Friday compared to 8,550 t on 8 June.

Sources informed SteelMint that very few deals were heard today due to weak demand. Buyers focused only on need-based bookings at lower offers. Interest in spot purchases was also low. Going forward, 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