- Cautious sentiments keep prices under pressure
- Transaction volumes continue to be relatively low
Indian sponge iron prices declined by INR 100-500/tonne (t) across major locations today.
Buyers adopted a wait-and-watch approach due to an unstable market, which led to subdued procurement and, consequently, a drop in sponge iron prices.
PDRI prices closed at INR 26,300-27,950/t, while CDRI settled at INR 28,150-33,700/t.
Relatively low transaction volumes were observed, as cautious buyers avoided making major commitments at the current rates.
Transactions of 3,600 t were recorded in the country, compared to 1,400 t on 11 November.
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
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