India: Sponge iron prices rise further amid increase in steel prices - 18 Jul

Sponge iron prices in India rose further on 18 July, 2023, by INR 200-450/tonne (t) in some key markets amid increasing steel prices.

Despite higher offers from suppliers, the market experienced decent trading activity today.

About 18,770 tonnes (t) of sponge iron transactions were recorded on Tuesday in the country as against 21,750 t on 17 July.

Producers increased offers sensing a rise in demand for sponge iron. Sources informed SteelMint that demand increased because prices of semi-finished steel rose considerably. Meanwhile, billet prices rose in the range of INR 100-300/t across regions.

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