- Suppliers raise offers on rise in bookings
- Moderate trades take place at higher offers
Sponge iron prices in India increased by INR 100-450/tonne (t) d-o-d across markets today. Only Hyderabad witnessed a drop of INR 100/t.
A post-holiday bump in bookings led to increased optimism among suppliers, who lifted offers d-o-d. Additionally, a moderate volume of spot trades took place at these higher offers. This kept market sentiment bullish.
PDRI prices closed within the range of INR 24,100-27,000/t, while CDRI tags were assessed at INR 26,550-31,200/t.
On Tuesday, approximately 12,220 t of sponge iron transactions were recorded across the country, a slight rise from 12,000 t on 17 March.
Leave a Reply