Indian sponge iron prices declined by INR 100-300/tonne (t) today across major locations in the country. The downward trend in prices persisted as buyers remained cautious in an uncertain market.
PDRI prices closed within the range of INR 23,000-26,000/t, while CDRI prices settled at INR 25,200-30,300/t. Buyer caution prevailed resulting in modest transaction volumes.
Only 4,200 t of sponge iron transactions were recorded in the country compared to 5,000 t on 21 May.
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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