India: Sponge iron prices slip on limited purchase enquiries - 29 Apr

Sponge iron prices in India have fallen by INR 50-300/t in key locations due to weak sentiments in the spot market. This has led to a reduction in offers from sponge suppliers in various regions. A significant steel price adjustment in the northern region has also contributed to the decline in prices, leading to subdued spot purchases.

A total of 6,320 t of transactions were recorded, lower d-o-d compared to 14,450 t on 28 April.

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