- Tight sponge iron supply boosts tags
- Transaction volumes shoot up d-o-d
Sponge iron prices in India rose by INR 50-200/tonne (t) across various markets today. The price increase is primarily due to active bookings amid limited material availability, which led to a supply-demand imbalance and boosted market sentiment.
PDRI market prices closed within the range of INR 21,700-25,100/t, while CDRI ranged at INR 24,100-29,200/t. Active spot purchases were observed across regions, driven by a spike in offers, and material bookings were recorded within this price range. As a result, transaction volumes increased d-o-d.
On Monday, approximately 26,650 t of sponge iron transactions were recorded across the country, a significant rise from 6,550 t on 14 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 here for detailed methodology
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