Sponge iron prices in India rose INR 50-300/tonne (t) d-o-d across markets today amid moderate transaction activities.
PDRI prices closed at INR 23,100-26,400/t, while CDRI was assessed at INR 25,200-30,400/t.
Today, market participants conducted need-based procurement because of the increase in prices and bookings yesterday. Consequently, average transactions were recorded throughout the day.
Transactions of about 8,400 t of sponge iron were heard in the country on 20 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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