Indian sponge iron prices moved up in the range INR 50-700/t today in key markets, while only Raipur and Ramgarh showed a slight downtrend of INR 50-100/t d-o-d.
PDRI prices were assessed at INR 22,000-26,200/t at close of trading, while CDRI tags stood at INR 24,300-28,800/t.
The sponge iron market witnessed strong demand. Ongoing material shortage has driven up buyer interest across regions. Procurement activity remained active, with buyers showing a sense of urgency in securing material at current prices or marginally lower levels.
Sellers, on the other hand, maintained firm offers, supported by limited supply and steady demand. Market participants anticipate further support in prices if shortage persists. Overall, sentiment remains bullish in the short term due to tight availability and active bookings.
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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