Sponge iron prices in India increased by INR 100-800/tonne (t) across markets today.
The price increase may be attributed to a spike in bookings due to low steel prices, which have a tendency to encourage greater offers.
PDRI prices closed within the range of INR 25,000-26,600/t, while CDRI prices were assessed at INR 27,300-31,600/t.
Significant buying was made in this price range despite the fact that spot sales were being seen in several places as offers increased.
On Monday, approximately 18,450 t of sponge iron transactions were recorded across the country, a significant increase from 12,450 t on 13 December.
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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