Indian sponge iron prices declined by INR 50-200/tonne (t) across locations today. However, prices in Ramgarh and Chennai trended higher by INR 100-200/t.
Buyers adopted a wait-and-watch approach due to an unstable market. Dispatches of moderate bookings at lower offers led to a drop in sponge iron prices.
PDRI prices closed at INR 21,200-25,700/t, while CDRI settled at INR 23,700-28,700/t.
Relatively low transaction volumes were observed, as cautious buyers avoided making major commitments at current rates.
Transactions of 13,750 t were recorded in the country, compared to 13,150 t on 23 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%.
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