Sponge iron prices in India witnessed a slight decrease ranging from INR 50 to INR 300/t d-o-d in major regions. This decline has impacted market sentiments and can be attributed to a continuous downfall in spot offers due to weak buying interest. However, buying activity in sponge iron also remained low today.
PDRI prices closed at a range of INR 24,800-27,450/t and CDRI prices at INR 26,250-30,900/t.
About 6,000 t of sponge iron transactions were recorded in the country today compared to 9,310 t on 1 March.
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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