India’s sponge iron market saw an upward movement in offers today, with prices increasing by INR 100-300/t d-o-d across locations, aligning with an overall upward market trend.
However, buying activity in sponge iron increased in the eastern region, while in other regions it remained slow throughout the day.
PDRI prices stood at INR 23,000-25,500/t today, while CDRI offers were assessed at INR 25,300-30,100/t at the close of today’s session.
Deals of about 14,300 t of sponge iron were recorded today compared to 8,250 t on 22 January.
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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