India: Sponge iron prices fall further on limited buying interest - 3 Jul

Sponge iron prices fell further by INR 100-500/tonne (t) in key locations across India on 3 July, 2023.

Prices fell on lack of buying enquiries in the spot market today. As a result, suppliers in various regions of the country reduced their offers.

About 15,150 tonnes (t) of sponge iron transactions were recorded as compared to 3,960 t on 1 July.

Sources informed SteelMint that trade activity stayed below average in general. In fact, market participants lacked confidence in assessing the direction of the price movement.

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