Domestic sponge iron prices fell by INR 50-550/tonne (t) d-o-d in major locations today. Sponge iron prices edged down, as market players remained cautious in a declining steel market. Need-based procurement was observed in the market.
PDRI prices were assessed at INR 22,600-26,000/t, while CDRI prices were heard at INR 25,000-30,200/t.
Amid cautious market outlook, the recorded transaction volume today remained at a moderate level. Transactions of 6,700 t of sponge iron were recorded in the country compared with 6,400 t on 25 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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