Sponge iron prices in India decreased today by INR 50-200/tonne (t) across regions due to weakened market sentiment.
Buying demand remained modest on Wednesday, impacted by sluggish movement in the semi-finished and finished steel segments, leading to further reductions in offers.
PDRI prices closed within the range of INR 22,200-25,500/t, while CDRI prices were assessed at INR 24,500-29,500/t.
Approximately 5,950 t of sponge iron transactions were recorded today, down from 9,000 t on 4 Jun.
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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