India: Sponge iron prices fall on weak buying interest - 28 Apr

Indian sponge iron prices showed mixed trends today, with a price drop of INR 50-200/t seen in some key markets and a marginal rise of INR 100/t seen in Raigarh and Jharsuguda.

The semi-finished steel market saw a dull day. Prices fell on weak buying activity and limited trade throughout the day. A total of 14,450 t of transactions were recorded today as against 14,870 t on 27 April.

Why have prices fallen?

Continued price corrections are making market participants wary, resulting in fewer enquiries. SteelMint has learned from sources that the uncertain price movements have impacted spot trade volumes.

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