- Trades remain slow despite price drop
- Market volatility makes buyers cautious
Sponge iron prices dropped by INR 100-300/t d-o-d across locations amid selling pressure and weakening market sentiments.
Procurement remained slow despite the price reduction. Buyers were wary because of market volatility, which led to slow material movement.
PDRI prices were assessed at around INR 24,500-27,500/t at the close of trading today, while CDRI tags were at INR 27,200-31,900/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 here for detailed methodology
Leave a Reply