- Buying muted amid market volatility
- Bids fall as buying interest declines
Indian sponge iron prices declined by INR 50-200/tonne (t) d-o-d across major locations today, amid a moderate transaction volume.
PDRI prices closed at INR 23,600-27,700/t, while CDRI settled at INR 25,800-30,700/t.
Prices fell, as buyers remained quiet amid market volatility. Additionally, bids declined, as buying interest waned. However, a fair number of transactions were recorded, indicating that buying was need-based.
Transactions of approximately 6,800 t of sponge iron were recorded today, up from 4,800 t on 5 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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