- Market uncertainties cause caution
- Buyers refrain from bulk bookings
Indian sponge iron prices declined by INR 100-200/tonne (t) d-o-d across major locations today amid modest buying volumes.
Sponge iron prices fell because buyers remained cautious in an uncertain market. Due to uncertainty in predicting market fluctuations, purchasers refrained from making significant commitments, resulting in moderate transaction volumes.
PDRI prices closed in the range of INR 22,350-25,600/t, while CDRI settled at INR 24,500-29,800/t.
Transactions for only 8,600 t of sponge iron were recorded in the country today, while yesterday’s volume was 7,000 t.
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 here for detailed methodology
Leave a Reply