Indian sponge iron prices dropped by INR 50-300/t today in all major locations. Sponge iron prices declined due to decrease in prices of semi-finished and finished steel owing to limited demand in the market today.
PDRI prices closed in the range of INR 24,300-26,000/t and CDRI prices at INR 25,700-30,200/t.
The modest level of daily spot trade volumes today indicated that there was low market demand as buyers awaited additional price declines.
Only 6,300 tonnes (t) of sponge iron transactions were recorded in the country on Tuesday compared to 3,400 t on 3 February.
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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