- Sponge prices rise by INR 350-700/t d-o-d
- Transaction volumes see significant d-o-d drop
Sponge iron prices in India rose by INR 350-700/tonne (t) d-o-d across key markets today, buoyed by supportive steel prices.
PDRI market prices closed at INR 24,500-27,800/t and CDRI prices at INR 27,000-32,000/t.
Sponge producers increased their offers as a result of the steel market’s bullish outlook. Moderate levels of transactions were observed.
Transactions of about only 8,600 t of sponge iron were recorded, showed significant drop from yesterday’s 17,800 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