- Fluctuations lead to light increase in trade
- Transaction volumes fall marginally d-o-d
Prices of sponge iron in India showed volatile sentiments with prices dropping by INR 50-300/tonne (t) across regions today. However, the tags went up by 50-200/t in other locations.
The price fluctuations today led to a slight increase in buying activity. Buyers who had been waiting for more favourable price directions started making purchases, taking advantage of the current market conditions.
PDRI prices closed at a range of INR 24,800-29,800/t while CDRI prices were assessed at INR 22,500-25,800/t.
About 9,600 t of sponge iron deals were recorded today compared to 6,700 t on 27 May.
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 for detailed methodology
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