Indian Sponge iron prices inch up amidst weak demand - 21 Jul

Indian sponge iron prices have experienced a modest increase today, ranging from INR 50-400/t in certain key locations, despite subdued demand. The market saw minimal activity with buyers making need-based procurements. However, prices in the southern region dipped slightly by INR 100-150/t.

Transactions for around 12,400 t of sponge iron were recorded on Friday, a decrease from the 18,850 t recorded on July 20.

The lack of spot buying interest, along with uncertain steel price fluctuations, contributed to lower trade volumes, leaving market participants awaiting price stabilization.

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