Sponge iron prices witnessed a steady decline today, dropping by INR 100-200/tonne (t) across location amid weakening market sentiments.
Due to the dull demand for semi-finished and finished materials, purchasers remained cautious, which resulted in modest buying activity despite this large price reduction.
PDRI prices were assessed at around INR 24,000-27,000/t at close of trading today, while CDRI prices were at INR 26,550-31,000/t.
Approximately 8,500 t of sponge iron transactions were recorded in the country today compared to 5,600 t on 10 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 for detailed methodology
Leave a Reply