- Proposed safeguard duty boosts sentiment
- Suppliers raise offers amid market optimism
Sponge iron prices in India increased by INR 100-700/tonne (t) d-o-d across markets today.
The DGTR’s notification regarding the proposed safeguard duty led to positive sentiments among market participants. This optimism led suppliers to raise offers, and significant procurement was made at these values in several regions.
PDRI prices closed within the range of INR 24,500-27,200/t, while CDRI tags were assessed at INR 26,750-31,300/t.
On Wednesday, transactions for approximately 28,900 t of sponge iron were recorded across the country, a significant increase from 12,220 t on 18 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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