India: Sponge iron prices rebound on active spot trading - 8 May

Sponge iron prices in India rose by INR 100-900/t across key locations today. Buying interest among participants remained active throughout the day.

Spot purchase enquiries increased amidst rising steel prices in the Punjab market, which nudged producers to float offers at higher levels. Bulk buying was seen at current prices. Trade activities significantly improved as only a few bookings were seen over the previous few days.

A total of 37,450 t of transactions were recorded today, as against 5,905 t on 6 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