- Market cautious, but transactions rise
- Sponge iron prices edge down d-o-d
Domestic sponge iron prices fell by INR 50-400/tonne (t) d-o-d today in major locations.
As players remained cautious in the face of a declining steel market, sponge iron prices edged down.However, due to extreme downside of prices buyers did need-based requirements that led to improvement in trade volumes.
PDRI prices were assessed at INR 23,300-25,900/t, while CDRI prices were heard at INR 25,650-30,200/t.
Despite a cautious market outlook, the recorded transaction volumes today remained at a moderate level. Transactions of 12,000 t of sponge iron were recorded in the country, up from 3,400 t on 4 February.
Rationale
Prices have been derived based on transactions, offers, bids, and indicative price data sets. Transactions are considered T1 and given a weightage of 50%, whereas other data sets are considered T2 and given a weightage of the balance 50%.
Click here for detailed methodology
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