- Market sees robust bookings today
- Transaction volumes touch over 6,000 t
India’s sponge iron prices increased by INR 100-500/tonne (t) d-o-d across key locations today.
PDRI prices were assessed at INR 24,300-27,200/t at the close of trading, while CDRI tags stood at INR 26,600-31,100/t.
Today, the market showed an uptrend, as robust bookings were recorded yesterday. This led to an increase in offers from suppliers. However, an average number of transactions were recorded at today’s raised prices.
Transactions of approximately 9,600 t of sponge iron were recorded on Wednesday, compared to 11,900 t on 4 March.
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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