Indian sponge iron prices declined by INR 50-450/tonne (t) across major locations today, 27 December 2024.
Buyers remained cautious amid an uncertain market environment, which led to a drop in sponge iron prices.
PDRI prices closed in the range of INR 23,200-26,600/t, while CDRI settled at INR 26,000-30,800/t.
Buyers avoided making big commitments because they were uncertain about market fluctuations, which led to modest transaction volumes.
Only 2,900 t of sponge iron transactions were recorded in the country compared to 5,150 t on 26 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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