- Muted buying seen in semis, finished steel
- Sponge iron demand softens subsequently
India’s sponge iron offers varied significantly today, with prices rising by INR 100-150/t d-o-d in some locations, while other regions saw a d-o-d decline of INR 50-200/t or remained stable. This price fluctuation was attributed to limited demand and volatile market sentiments.
Subdued buying activity and sluggish movement in the semi-finished and finished steel segments weakened demand for sponge iron.
PDRI prices stood at INR 23,000-25,800/t today, while CDRI offers were assessed at INR 25,800-30,300/t at the close of today’s session.
Rationale
Prices have been derived based on data sets of transactions, offers, bids, and indicative prices. Transactions are considered as T1 and given a weightage of 50%, whereas other data sets are considered T2 and given a weightage of the balance 50%.
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