Indian sponge iron prices witnessed a modest uptick today ranging from INR 50-200/tonnes (t) in almost all key locations, despite moderate buying. However, sponge iron prices only in the Durgapur market fell slightly by INR 100/t.
PDRI market prices closed at a range of INR 24,700-27,150/t and CDRI prices, at INR 26,000-31,200/t.
The market saw moderate activity as participants are still cautious about the price swings and they also have sufficient orders placed last week and hence, made only need-based purchases today.
About 13,200 tonnes (t) of sponge iron transactions were recorded in the country on Monday compared to 21,800 t on 17 February.
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
