Sponge iron prices in India witnessed a substantial drop, decreasing by INR 50-400/t in almost all major markets. This decline is attributed to negative market sentiments due to a slight drop in semi-finished steel prices.
However, sponge iron prices in Ramgarh and Bellary showed a marginal rise of INR 50/t.
PDRI prices closed at a range of INR 24,800-27,000/t and CDRI prices at INR 26,200-30,800/t.
Only 3,680 tonnes (t) of sponge iron transactions were recorded in the country on Friday compared to 18,000 t on 8 February.
Cautious attitude from buyers along with the continuous decline in prices appears to have influenced buying decisions, resulting in muted market activity d-o-d.
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
