India: Sponge iron prices rise marginally amid modest buying - 26 Aug

Indian sponge iron prices edged up today, ranging from INR 50-200/t in the major locations. Prices remain range-bound due to modest buying demand in the semi-finished and finished steel segments d-o-d. Hence, there was slow buying activity in the market. However, prices in the eastern and central regions remained fluctuating in today's trading session.

Transactions for around 6,900 t of sponge iron were recorded on Monday, against 14,450 t recorded on 25 August.

Lack of spot buying activity, combined with fluctuating steel prices, contributed to the fall in sponge iron trade volumes, leaving market participants waiting for market stability.

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%.

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