India: Sponge iron prices rise further on higher offers - 12 Jun

Sponge iron prices in India rose today in the range of INR 50-300/tonne (t) in some key locations as suppliers quoted higher offers followed by moderate demand. However, prices in Rourkela witnessed a slight drop of INR 50/t.

Producers were forced to raise their offers due to rising steel prices in the Punjab market. But, overall, a limited number of deals were concluded in some regions except in the eastern region specifically Odisha which witnessed bulk bookings on lower offers.

About 13,850 tonnes (t) of sponge iron transactions were recorded today in India as against 7,100 t on 10 June.

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 methodologyT1 - Trade, T2 - Offer/Bid/Indicative