India: Sponge iron prices trend up on moderate trading - 1 Sep

Indian sponge iron prices rose in the range of INR 50-200/t in key locations today on moderate spot trading. However, sponge prices in Raipur fell slightly by INR 50/t.

Approximately 16,100 t were transacted on 1 September, 2023 as against 15,750 t recorded on 31 August.

The day started with active trading but enquiries slowed down 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