India: Sponge iron prices drop d-o-d – 8 May

• Prices fall by INR 50-400/t across regions
• Transaction volumes show modest d-o-d rise

Indian sponge iron prices declined by INR 50-400/tonne (t) today across major locations but rose in Chennai and Raigarh by INR 50-200/tonne (t).

The downward trend in sponge iron prices persisted as buyers remained cautious in an uncertain market. PDRI market prices closed within the range of INR 23,300-27,000/t, while CDRI settled at INR 25,500-30,400/t.

Buyer caution prevailed in the declining market, resulting in modest transaction volumes.

Only 8,500 t of sponge iron transactions were recorded in the country compared to 6,800 t on 7 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%.

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