India: Sponge iron prices rise further despite limited spot buying activity - 19 Sep

Indian sponge iron prices rose considerably on 19 September, 2023. Prices in the key region increased by INR 50-300/t. However, due to higher spot market offerings, buying activity and demand for sponge iron remained low.

About 13,200 tonnes (t) of sponge iron transactions were recorded in the country on Tuesday compared to 17,050 t on 18 September.

The semi-finished and finished steel markets saw modest buying activity, resulting in a minor reduction in sponge iron transactions d-o-d.

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