India: Sponge iron prices rise on higher offers - 16 Sep

India's sponge iron prices increased in the range of INR 50-150/tonne (t) in some key locations today on rising steel prices even as demand remained low. However, only prices in Rourkela inched down by INR 100/t.

About 3,400 tonnes (t) of sponge iron transactions were recorded in the country on Saturday compared to 22,380 t on 15 September.

Limited deals were heard throughout the day, as buyers had placed sufficient orders over the past couple of days. As a result, they were focused only on need-based procurement.

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