Sponge iron prices in India witnessed mixed trends today, falling by INR 50-200/t in some key locations. On the other hand, prices in Rourkela and Raipur increased marginally by INR 50-100/t. Low demand for sponge iron was seen and spot trade volumes decreased by 27% d-o-d, which had a negative impact on the market as there was little buying activity and bids were on the lower side.
About 11,770 t of sponge iron transactions were recorded today in India as against 16,210 t on 13 March.
Snapshots of key markets
- Rourkela: Prices edged up slightly. However, moderate spot trading was seen today. The price correction seen in key markets was the main cause behind low transaction volumes.
- Raipur: Moderate trading activity was seen today amid stable prices. Moderate booking was done on the offered prices. Northern region market also showed fluctuating trend.
- Bellary: Sponge iron prices fell slightly due to weak demand. Buyers purchased material on immediate requirements and at lower offers.
- Durgapur: Slow demand was seen for semi-finished steel products. Trades were moderate due to volatile prices.
- Ramgarh: Trades were limited today with declining prices in the eastern region. This, in turn, limited spot trades and led to softening in offers.
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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