Indian sponge iron prices dropped INR 50-150/t today in all major locations. However, in Bellary and Hyderabad, prices rose by INR 50-100/t. Sponge iron prices fell as a result of the weakening in semi-finished and finished steel prices due to soft demand.
PDRI prices were assessed at INR 21,600-25,500/t and CDRI prices at INR 24,200-29,100/t.
Prices continued to fall as buying activity remained modest: only 6,500 t of sponge iron transactions were recorded today compared to 9,000 t on 12 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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