- Buyers show caution on price rise
- Inquiries remain scarce today
India’s sponge iron prices increased by INR 100-400/tonne (t) d-o-d across key locations.
PDRI prices were assessed at INR 23,500-26,300/t at the close of trading, while CDRI tags stood at INR 26,000-30,600/t.
Amid the price hikes, bookings remained modest across regions. A lower number of inquiries were heard, as buyers showed caution due to the steady price rise. Overall, a low transaction volume was recorded today.
Sponge iron transactions of approximately 1,900 t were recorded in India on Thursday, drastically down from 17,700 t on 19 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%.
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