- Sponge iron prices fall by INR 50-300/t d-o-d
- Transaction volumes moderate in cautious market
Indian sponge iron prices fell by INR 50-300/tonne (t) d-o-d today in major locations.
Prices of sponge iron fell as market participants remained cautious in the face of a declining steel market and lack of inquiries.
PDRI prices were assessed at INR 23,700-27,000/t, while CDRI prices were reported at INR 26,200-31,200/t.
Despite a cautious market, the recorded transaction volumes remained moderate.
Transactions of only 7,600 t of sponge iron were recorded in the country today, compared to 6,300 t on 28 April.
Rationale
Prices have been derived based on transaction, offer, bid, and indicative price data sets. Transactions are considered T1 and given a weightage of 50%, whereas other data sets are considered T2 and given a weightage of the balance 50%.
Click here for detailed methodology
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