The Indian sponge iron market witnessed a downtrend in prices, while only the Bellary market in Karnataka saw prices increasing by INR 50/t d-o-d. In all the other markets prices dropped in the range of INR 50-300/t d-o-d.
Buying activity remained subdued as buyers were hesitant due to previous bookings and concerned about the stability of the market, expecting it to fall further.
PDRI prices were assessed at INR 23,600-26,000/t and CDRI prices at INR 25,650-30,300/t.
Approximately 6,550 tonnes (t) of sponge iron transactions were recorded in the country on Friday compared to 12,000 t on 6 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
Leave a Reply