Prices decline parallelly with drop in semis
Transaction volumes decrease in country d-o-d
Indian sponge iron prices dropped by INR 50-400/t today in all major locations. Sponge iron prices declined due to decrease in prices of semi-finished and finished steel owing to limited demand in the market today.
PDRI market prices closed at a range of INR 22,000-25,500/t and CDRI prices at INR 24,200-29,300/t.
The market exhibited limited demand today, as reflected in subdued daily spot trade volumes, with buyers holding back in anticipation of further price declines.
Only 3,550 tonnes (t) of sponge iron transactions were recorded in the country on Monday compared to 4,100 t on 6 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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