India: Sponge iron prices fluctuate as volatility grips steel market - 11 May

Sponge iron prices in India witnessed mixed trends amid volatile steel prices today falling in the range of INR 50-500/t in key locations. On the other hand, sponge prices in Jharsuguda, eastern India, as well as in south India increased marginally by INR 100-200/t.

Low demand for sponge iron was seen and spot trade volumes decreased by 22% d-o-d, which impacted the market: buying activity remained soft and bids were on the lower side.

A total of 10,570 t of transactions were recorded today as against 13,500 t on 10 May.

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