Sponge iron prices in India witnessed a steady decline today, dropping by INR 100-500/tonne (t) across locations amid selling pressure and weakening market sentiments.
Due to dull demand for semi-finished and finished steel, purchasers remained cautious, which resulted in modest buying activity despite this large price reduction. .
PDRI prices were assessed at around INR 22,100-25,500/t at close of trading today, while CDRI prices were at INR 24,400-29,500/t.
Approximately 3,500 t of sponge iron transactions were recorded in the country today compared to 5,950 t on 5 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%.
Click for detailed methodology
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