India: Sponge iron prices mostly stable even as demand remains subdued - 5 Sep

Indian sponge iron prices were mostly stable in most of the key locations even as demand remained low. A slight increase of INR 150-200/t in prices were seen in Ramgarh today. However, prices in the central, eastern and southern regions fell marginally by INR 50-150/t. Very few deals were heard throughout the day as buyers were focused only on need-based procurement.

Approximately 11,380 tonnes were transacted on 5 September, 2023 as against 17,800 t recorded on 4 September.

Spot buying interest was low which, coupled with unpredictable steel price movements, weighed on overall 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