India: Sponge iron prices experience uptick on moderate trading - 26 Jul

India's sponge iron prices have experienced a rise in the range of INR 50-350/t due to moderate spot trading, with approximately 14,540 tonnes transacted on 26 July, 2023 as against 12,250 t recorded on 25 July.

Buyers, anticipating a potential further increase in prices, have been active in the market, leading to this uptick. However, the southern region saw a minor drop of INR 50/t. The day started with heightened activity but saw a slowdown in enquiries in the latter half.

While market dynamics reflect a mixed trend, the fluctuating pattern suggests that the sponge iron market requires careful monitoring and a balanced response from both buyers and sellers.

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