Sponge iron prices in India decreased by INR 100-250/t on 2 February, 2024.
PDRI market prices closed at a range of INR 25,000-27,200/t and CDRI prices, at INR 26,300-31,200/t.
Trading activity increased on improved demand at lower prices, especially in the central region (Raipur and Raigarh).
About 17,870 tonnes (t) of sponge iron transactions were recorded in the country on Friday compared to 13,400 t on 1 February.
Nevertheless, market players remained cautious due to a limited response from the finished steel market, BigMint noted. A significant steel price adjustment in the northern region has also dragged prices down.
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
