Indian sponge iron prices declined by INR 100-300/tonne (t) across locations today with the exception of the Ramgarh, Raigarh and Raipur went up by INR 50-150/t market.
PDRI prices closed at INR 23,300-26,900/t, while CDRI settled at INR 25,800-30,600/t.
Today, the market witnessed a downtrend, as buyers stayed silent amid fluctuations in the market. Meanwhile, offers continued to hold. A moderate volume of transactions was recorded, indicating need-based buying.
Sponge iron transactions of approximately 4,600 t were recorded today, slight down from 5,200 t on 1 May.
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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