- Offers slide as market sees need-based buying
- Buyers silent amid active restocking yesterday
Indian sponge iron prices declined by INR 100-400/tonne (t) across major locations today. Only Ramgarh saw a rise to INR 27,200/t.
PDRI prices closed at INR 24,000-26,600/t, while CDRI settled at INR 26,500-31,000/t.
Today, the market witnessed a downtrend, as buyers stayed silent amid ample procurement done yesterday. Meanwhile, offers continued to slide. A moderate volume of transactions was recorded, indicating need-based buying.
Sponge iron transactions of approximately 6,650 t were recorded today, down significantly from 24,600 t on 19 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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