India: Sponge iron prices show mixed trend amid modest buying - 14 Oct

Sponge iron prices exhibited contrasting trends across markets today, with some regions witnessing a drop of INR 100-200/t, while other regions experienced a slight increase of INR 50-450/t d-o-d.

This fluctuation was driven by moderate buying interest at higher offers, while weak demand in the finished steel segment kept overall market sentiments range-bound.

However, buying activity in Durgapur rose significantly today as the market opened after the Dussehra holidays.

Deals of about 12,200 t of sponge iron were recorded today compared to 6,700 t on 11 October.

Rationale

Prices have been derived based on data sets of transactions, offers, bids, and indicative prices. Transactions are considered T1 and given a weightage of 50%, whereas other data sets are considered T2 and given a weightage of the balance 50%.

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T1 - Trade, T2 - Offer/Bid/Indicative