Indian sponge iron prices declined by INR 50-300/tonne (t) today across major locations.
The downward trend in sponge iron prices persisted as buyers remained cautious in an uncertain market. PDRI prices closed within the range of INR 23,800-26,700/t, while CDRI settled at INR 26,150-30,500/t.
Buyer caution prevailed in a declining market, resulting in modest transaction volumes.
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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