Sponge iron prices fell by INR 50-250/tonne (t) in almost all key locations across India on 24 January, 2024. However, sponge CDRI prices in Raigarh witnessed a slight uptick of INR 100/t.
Prices fell on lack of buying enquiries in the spot market today. As a result, suppliers in various regions of the country reduced their offers.
PDRI prices closed at a range of INR 25,000-27,100/t and CDRI prices at INR 26,400-31,300/t.
About 12,090 tonnes (t) of sponge iron transactions were recorded in the country on Wednesday compared to 16,550 t on 23 January.
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
