India: Sponge iron prices rise further amid higher steel prices - 29 Jul

Sponge iron prices in India rose further today. Prices increased in the range of INR 100-500/tonne (t) in key locations as suppliers quoted higher followed by moderate demand.

SteelMint learnt from sources that producers were forced to raise their offers because of rising steel prices in the Punjab market.

About 13,050 tonnes (t) of sponge iron transactions were recorded in the country on 29 July, 2023 compared to 23,950 t recorded on 28 July.

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

[7/14 6:14 PM] Romil Sethi