Indian sponge iron prices declined by INR 100-400/tonne (t) across major locations today.
Prices for sponge iron continued to decline as participants exercised caution in an unpredictable market environment. PDRI prices closed within the range of INR 23,200-26,800/t, while CDRI prices settled at INR 25,800-30,400/t.
Buyer caution prevailed in a declining market, resulting in modest transaction volumes. Only 6,800 t of sponge iron transactions were recorded in the country today.
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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