Indian sponge iron prices fell by INR 50-350/tonne (t) d-o-d today in major markets across the country. Prices declined as market participants remained cautious amid weakening steel prices and reduced inquiries.
PDRI prices were assessed at INR 23,300-27,000/t, while CDRI prices were at INR 25,700-30,800/t.
Despite a cautious market mood, total transaction volumes today remained moderate. Deals for only 5,200 t of sponge iron were recorded in the country today compared to 20,000 t on 30 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%.
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