Indian sponge iron prices declined by INR 100-250/tonne (t) across regions today. Only Chennai saw a rise, with prices reaching INR 26,500/t.
PDRI prices closed at INR 23,900-27,100/t, while CDRI settled at INR 26,450-30,900/t.
Due to the large volume of purchases made yesterday, buyers remained muted, which pushed prices downward. Offers, meanwhile, kept declining. Need-based buying was evident from the moderate volume of transactions that were heard.
Sponge iron transactions of approximately 11,500 t were recorded today, down significantly from 16,300 t on 27 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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