Sponge iron prices in India decreased by INR 50-350/t on 5 Feburary, 2024. Trading activity remained moderate on lower prices, especially in the eastern region.
PDRI prices closed at a range of INR 25,000-27,000/t, while CDRI prices were assessed at INR 26,250-31,100/t.
About 14,600 t of sponge iron transactions were recorded in the country on Monday compared to 14,050 t on 3 February.
Market participants remained cautious due to limited response from the finished steel market, BigMint notes. A significant steel price adjustment in the northern region also dragged prices lower.
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
