India: Sponge iron prices rise further on higher offers - 10 May

Sponge iron prices in India increased by INR 150-450/tonne (t) in key markets today. Prices rose on higher offers quoted by suppliers, although only a few deals were reported today as buyers resisted high offers.

Spot trade volumes were low due to lack of buying activity. Buyers opted to hold back their bids because they had booked enough material during the last few days.

A total of 13,500 t of transactions were recorded today as against 19,850 t on 9 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