India: Sponge iron trade rises sharply as spot prices edge down - 21 Jun

Sponge iron prices in India increased by INR 50-400/t in key locations amid active spot trading seen today on lower offers.

About 23,940 tonnes (t) of sponge iron transactions were recorded today in India as against 8,900 t on 20 Jun.

Buying interest remained buoyant throughout the day. Spot trades rose significantly by a whooping 169% compared to yesterday, as market participants quickly took positions on lower prices.

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