Indian sponge iron prices rose by INR 50-150/tonne (t) d-o-d across markets today, except in Mandi Gobindgarh and Southern region where prices decreased by INR 100-300/t.
The drop in sponge iron prices was driven by slow demand in a largely stable market, as purchasers were hesitant to buy material and preferred to wait for further price correction.
PDRI prices were assessed at around INR 22,300-25,500/t/t at close of trading, while CDRI prices stood at INR 24,100-29,500/t.
About 9,000 t of sponge iron transactions were recorded in the country on Wednesday, up from 2,900 t on 3 June.
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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