- Buyers stay quiet post yesterday’s heavy buying
- Bids decline as buying interest weakens
Indian sponge iron prices declined by INR 50-200/tonne (t) d-o-d across major locations today.
PDRI prices closed at INR 23,600-26,650/t, while CDRI settled at INR 26,000-30,600/t.
The market saw a decline today as buyers remained quiet following yesterday’s heavy buying. In the meantime, bids declined as buying interest weakened. A moderate number of transactions were noted, suggesting that purchases were made based on need.
Sponge iron transactions of approximately 9,500 t were recorded today, down significantly from 11,600 t on 24 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 here for detailed methodology
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