Sponge iron prices in India decreased today by INR 100-300/tonne (t) in Bellary and Ramgarh due to weakened market sentiment. However, prices in other regions edged up in the range of INR 50-400/t.
Due to weak activity in the semi-finished and finished steel segments, buying demand was low on Monday, which resulted in further reductions in offers in some locations. While in other regions prices edged up but no trade was heard due to lacklustre demand at higher prices.
PDRI prices closed at a range of INR 23,600-27,000/t, while CDRI prices were assessed at INR 26,000-30,800/t.
Approximately 4,800 t of sponge iron transactions were recorded today compared to 4,600 t on 2 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 for detailed methodology
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