India: Sponge iron prices fall on limited purchase enquiries - 7 Jul

Sponge iron prices in India fell by INR 50-250/t in key locations on Friday. Prices fell on weak sentiments in the spot market and limited purchase enquiries.

This led to a reduction in offers from sponge suppliers in various regions. Significant adjustments in steel prices in north India also contributed to the decline in prices, leading to subdued spot purchases.

About 9,210 tonnes (t) of sponge iron transactions were recorded today compared to 20,685 t on 6 July.

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