- Transaction volumes remain modest
- Buyers opt for need-based buying
Sponge iron prices in India rose by INR 50-350/tonne (t) d-o-d across markets today, with moderate trading observed.
PDRI prices closed at INR 23,700-26,650/t, while CDRI was at INR 26,100-30,700/t.
Due to the price increase, market players today engaged in need-based procurement. As a result, an average volume of transactions was noted during the day.
Transactions of about 11,600 t of sponge iron were seen in the country on 24 February, compared to 5,300 t on 21 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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