- Sponge iron prices fall by INR 100-850/t
- Limited buying activity witnessed across markets
Sponge iron prices in India witnessed a significant decline today, with prices dropping between INR 100-850/t. This sharp fall can be attributed to persistent negative sentiment across both the semi-finished and finished steel sectors.
Additionally, the impact of largescale bookings made over the last few days has led to subdued demand currently further pressuring prices downward.
PDRI prices closed at a range of INR 28,000-29,500/t while CDRI prices were assessed at INR 29,000-34,800/t.
Around 3,400 tonnes (t) of sponge iron deals were recorded in the country today compared to 2,550 t on 19 April.
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
T1 – Trade, T2 – Offer/Bid/Indicative
