India: Sponge iron prices fall further d-o-d on moderate buying – 19 Jun

• Prices erode by another INR 50-250/t

Indian sponge iron prices declined further by INR 50-250/tonne (t) d-o-d across major locations today.

PDRI prices closed at INR 21,500-25,500/t, while CDRI settled at INR 24,000-29,100/t.

The market saw a decline today as buyers remained cautious. In the meantime, bids declined as buying interest weakened. A moderate number of transactions were noted, suggesting that purchases were made based on need.

Sponge iron transactions of approximately 8,400 t were recorded today, up slightly from 6,500 t on 18 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