- Bellary bucks trend with INR 300/t rise
- Buyers remain wary in uncertain market
Indian sponge iron prices declined by INR 100-400/tonne (t) d-o-d across major locations today. Only Bellary witnessed a rise of INR 300/t.
Buyers remained cautious in an uncertain market environment, leading to a drop in sponge iron prices. Due to buyers’ reluctance to engage in bulk deals, transaction volumes remained low.
PDRI prices closed within the range of INR 24,200-27,800/t, while CDRI settled at INR 26,900-32,000/t.
Transactions for only 8,200 t of sponge iron were recorded compared to 8,600 t on 22 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 here for detailed methodology
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