Indian sponge iron prices declined by INR 50-900/tonne (t) across major locations today.
Buyers remained cautious in an uncertain market environment, leading to a decline in sponge iron prices.
PDRI prices were assessed at INR 24,800-27,500/t at close of trading in the key markets, while CDRI settled at INR 27,300-32,000/t.
Cautious sentiments in a bearish market resulted in modest transactions as buyers refrained from making commitments for bulk cargoes.
Only 3,050 t of sponge iron transactions were recorded in the country compared to 4,500 t on 4 April.
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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