India: Sponge iron prices fall on limited buying interest - 10 Aug

Sponge iron prices fell further by INR 100-300/tonne (t) in some key locations across India on 10 August, 2023. However, prices in the southern region rose slightly by INR 100-250/t.

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 13,700 tonnes (t) of sponge iron transactions were recorded in the country on Thursday compared to 13,900 t recorded on 9 August.

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

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