India: Sponge iron prices fall further amid market uncertainty - 28 Jun

Sponge iron prices in India inched down further amid uncertain market conditions in key locations. Prices fell across the country by INR 50-350/t on 28 June, 2023.

Prices edged down on fluctuations in steel prices. As a result, moderate spot trade volumes were seen. However, in the second half of the trading session, there was a slight rise in purchase enquiries.

About 19,125 tonnes (t) of sponge iron transactions were recorded today as against 17,760 t on 27 June.

Overall, widespread uncertainty has raised a question mark on sustainability of current prices. Hence, market sources are worried about price swings, SteelMint learnt.

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