- Buyers cautious in down-trending steel market
- Lack of enquiries keeps sponge market dull
Sponge iron prices in India showed mixed trends today amid limited demand. Certain regions recorded a drop of INR 50-350/tonne (t) d-o-d due to volatile and moderate market conditions. However, prices increased by INR 50-400/t in the Raigarh and Chennai regions.
A downtrend in the steel market and a lack of inquiries caused market participants to stay cautious, which resulted in a decline in sponge iron prices.
PDRI prices were assessed at INR 23,800-26,500/t, while CDRI tags stood at INR 25,800-30,300/t.
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%.
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