India: Sponge iron prices continue to rise on higher offers - 19 Aug

Sponge iron prices in India increased by INR 100-300/tonne (t) in key markets today. Prices rose further on higher offers quoted by suppliers. However, only a few deals were reported as buyers resisted higher offers.

Spot trade volumes were low due to lack of buying activity. Buyers opted to hold back their bids because they had booked enough material during the last few days.

About 7,290 tonnes (t) of sponge iron transactions were recorded in the country on Saturday compared to 24,570 t on 18 August.

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