Indian sponge iron prices declined by INR 50-200/tonne (t) across major locations today. Cautious buyer sentiment in an uncertain market environment contributed to the decline in sponge iron prices.
PDRI prices closed within the range of INR 26,500-28,000/t, while CDRI prices settled at INR 28,300-33,900/t.
In a bearish market and amid cautious buyer sentiment, purchasers refrained from major commitments, which resulted in low transaction volumes. Only 6,600 t of transactions were recorded in the country today.
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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