Sponge iron prices in India increased by INR 50-650/tonne (t) across markets today. The rise in sponge iron prices is attributed to an upward trend in steel prices. Active buying activity was observed as prices continued to climb.
PDRI market prices closed within the range of INR 23,800-26,500/t, while CDRI prices ranged from INR 26,000-30,000/t. Spot purchases were noted in the central and eastern regions as offers spiked, while nominal bookings were recorded across the country. Transaction volumes increased d-o-d.
Approximately 15,600 t of sponge iron transactions were recorded in the country on Tuesday, up from 8,800 t on 16 August.
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
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