Indian sponge iron prices declined by INR 50-200/tonne (t) across major locations today.
Buyers remained cautious in an uncertain market environment, leading to a drop in sponge iron prices.
PDRI prices closed within the range of INR 23,200-26,500/t, while CDRI settled at INR 25,500-30,400/t.
Cautious sentiment in a bearish market resulted in low transaction volumes as buyers refrained from making commitments.
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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