Indian sponge iron prices rose by INR 50-200/tonne (t) d-o-d across markets today. However, in the Bellary and Durgapur regions prices decreased by INR 50-100/t.
The drop in sponge iron prices in some regions was driven by slow demand in largely stable markets, as purchasers were hesitant to buy material and preferred to wait for further market correction.
PDRI prices were assessed at around INR 25,300-28,000/t at close of trading, while CDRI prices stood at INR 27,900-32,300/t.
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
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