Indian sponge iron prices declined by INR 50-250/tonne (t) across major locations today. However, prices in Ramgarh rose by INR 100/t.
Buyers remained cautious in an uncertain market environment, which led to the drop in sponge iron prices.
PDRI prices closed within the range of INR 26,500-28,000/t, while CDRI prices settled at INR 28,300-33,900/t.
Due to a bearish market and cautious buyer mindset, purchasers avoided making significant commitments, which led to small transaction volumes.
Only 6,100 t of sponge iron transactions were recorded in the country today compared to 12,200 t on 14 October.
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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