Indian sponge iron prices fell by INR 100-400/tonne (t) d-o-d today in major locations.
Prices fell as market participants remained cautious in the face of a declining steel market and lack of inquiries.
PDRI prices were assessed at INR 23,200-26,500/t, while CDRI prices were reported at INR 25,800-30,600/t.
Despite a cautious market, the recorded transaction volumes remained moderate. Transactions of only 5,300 t of sponge iron were recorded in the country today, compared to 7,950 t on 12 May.
Rationale
Prices have been derived based on transaction, offer, bid, and indicative price data sets. Transactions are considered T1 and given a weightage of 50%, whereas other data sets are considered T2 and given a weightage of the balance 50%.
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