India: Sponge iron prices fall on limited purchase enquiries - 14 Jun

Sponge iron prices in India fell by INR 50-350/t in key locations due to weak sentiments in the spot market followed by limited purchase enquiries. This has led to a reduction in offers from sponge suppliers in various regions.

A significant steel price adjustment in the northern region has also contributed to the decline in prices, leading to subdued spot purchases.

About 6,920 tonnes (t) of sponge iron transactions were recorded today in India as against 18,070 t on 13 June.

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