Sponge iron prices in India rose by INR 50-200/t in key locations today. Buying interest among participants remained active throughout the day. Spot trades rose by a whooping 252% compared to Saturday as market participants quickly took positions.
About 27,900 t of sponge iron transactions were recorded today in India as against 7,920 t on 25 February.
Snapshots of key markets
- Rourkela: Prices remained stable today. However, trade volumes were still lower than average resulting in limited enquiries. Market participants were low on confidence about booking material due to volatile price movements which limited spot trading, with buyers making only need-based bookings.
- Raipur: Bulk buying was seen at lower prices. Trade activities improved markedly as limited bookings had been seen over the past few days.
- Bellary: The market remained volatile which spurred buying activity. Positive trends in the finished and semi-finished steel markets encouraged buying activity.
- Durgapur: Prices and offers remained firm today amid stable market sentiments. Spot trades remained moderate as buyers are still not booking material in bulk quantities.
- Ramgarh: Unpredictable price movements led to subdued demand and trading activities remained slow today.
Rationale –
This index has 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
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