India: Sponge iron prices increase further amid modest buying - 20 Mar

• Buying slow down on higher offers
  
  
• Prices decline in southern region
  
  

Sponge iron prices in India continued to increase due to varying sentiments in the semi-finished segment, with prices rising by INR 50-200/t today in major regions. However, sponge iron prices for the southern region remained on the lower side, with prices declining by INR 100/t d-o-d.

Buying activity was slow today compared to yesterday's trading session, attributed to higher offerings and the upcoming festival holidays, which are expected to obstruct dispatches.

About 14,440 tonnes (t) of sponge iron transactions were recorded today compared to 21,650 t on 19 March.

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