- Rising semis, finished demand boost sponge iron buying
- Transaction volumes gain across major production hubs
India’s sponge iron prices witnessed mixed trends on 20 June, declining by INR 150-200/tonne (t) in central and eastern regions, while other markets held firm amid improved buying interest.
A rise in semi-finished and finished steel demand lent support to sponge iron procurement, encouraging spot bookings at competitive offers throughout the day. This led to a significant increase in transaction volumes across major production hubs.
By the close of the session:
- P-DRI prices were assessed in the range of INR 21,500-25,500/t.
- C-DRI offers stood at INR 24,000-29,000/t.
Deals for approximately 14,650 t of sponge iron were concluded pan-India, an increase from 8,400 t recorded on 19 June, reflecting a notable improvement in daily buying momentum.
Rationale
Prices have been derived based on data sets of transactions, offers, bids, and indicative prices. Transactions are considered as T1 and given a weightage of 50%, whereas other data sets are considered T2 and given a weightage of the balance 50%.
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