Sponge iron prices witnessed a decline today, dropping by INR 50-200/t across markets due to selling pressure and weakened sentiments.
Purchase activities were delayed despite this large price drop because purchasers were wary of weak market sentiments. On a day-to-day basis, this resulted in slow buying activity.
PDRI prices closed at a range of INR 23,400-26,000/t while CDRI prices were assessed at INR 25,800-30,500/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 for detailed methodology
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