India’s sponge iron market witnessed a rise in prices today ranging from INR 50-200/t in all principal locations. This can be attributed to active spot trading coupled with buying interest.
PDRI market prices closed at a range of INR 25,400-27,350/t and CDRI prices at INR 26,650-31,500/t.
Active bookings were seen across regions, which led to a rise in daily spot trade volumes.
About 23,100 tonnes (t) of sponge iron transactions were recorded in the country on Tuesday compared to 18,220 t on 29 January.
According to sources, the price rise was also due to the decent performance of semi-finished and finished steel prices. Billet prices increased by INR 100-500/t in key markets today.
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%.
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T1 – Trade, T2 – Offer/Bid/Indicative
