- Bellary, Chennai, Hyderabad tags rise INR 100-300/t
- Trade volume falls amid fewer inquiries, buyer caution
India’s sponge iron prices decreased by INR 50-150/tonne (t) d-o-d across most key locations on 25 March. However, Bellary, Chennai, and Hyderabad witnessed a rise of INR 100-300/t.
PDRI prices were assessed at INR 24,800-28,000/t at the close of trading, while CDRI tags stood at INR 27,600-31,800/t.
All regions saw lower bookings d-o-d. As prices continued to rise, buyers became increasingly hesitant, and fewer inquiries were received.
Transactions for about 5,100 t of sponge iron were recorded in the country today, compared to 10,800 t on 24 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%.
Leave a Reply