- Buyers exercise caution amid market volatility
- Volume traded remains average but rises d-o-d
Indian sponge iron prices declined by INR 50-300/tonne (t) across major locations today.
Buyers adopted a wait-and-watch approach due to an unstable market, which led to subdued procurement and, consequently, a drop in sponge iron prices.
PDRI prices closed at INR 24,100-27,000/t, while CDRI settled at INR 26,650-31,000/t.
A relatively average transaction volume was observed today, as cautious buyers avoided making major commitments. However, a slight improvement in trade volume was seen.
Transactions of 10,500 t were recorded in the country, compared to 9,600 t on 5 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%.
Click here for detailed methodology
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