Indian sponge iron prices declined by INR 50-150/tonne (t) today across major locations. However, Raigarh and Mandi Gobindgarh saw prices rising by INR 50/t and 300/t d-o-d, respectively.
The downward trend in sponge iron prices persisted as buyers remained cautious in an uncertain market. PDRI prices closed within the range of INR 24,700-27,700/t, while CDRI settled at INR 27,400-32,000/t.
Buyer caution prevailed in a declining market, resulting in modest transaction volumes. Also, sellers refused to lower their offers due to sufficient dispatch orders.
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 here for detailed methodology
Leave a Reply