India: Sponge iron market remains weak on limited buying interest – 14 Feb

• Buyers cautious in uncertain market
• Transaction volumes remain subdued

Indian sponge iron prices declined by INR 50-200/tonne (t) across major locations today.

Sponge iron prices fell because buyers remained cautious in an uncertain market.

PDRI prices closed in the range of INR 23,700-26,700/t, while CDRI settled at INR 25,900-30,400/t.

Due to their apparent inability to predict market fluctuations, purchasers avoided making significant commitments, which led to limited transaction volumes.

Only 9,000 t of sponge iron transactions were recorded in the country today although yesterday’s volume were at 8,150 t only.

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