India: Sponge iron prices rise on increased spot trading- 17 July

Sponge iron prices rose on increased spot trading in India on 17 July, 2023. Prices edged up in the range of INR 50-500/tonne (t) in central and southern India. However, a slight decrease of INR 100-150/t was seen in Durgapur and Ramgarh due to lack of buying interest.

Prices of DRI have been changing significantly of late, making forecasting difficult for buyers. Prices in Mandi Gobindgarh, on the other hand, increased by INR 150/t.

About 21,750 tonnes (t) of sponge iron transactions were recorded today in the country as against 12,700 t on 15 July.

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