Sponge iron prices in key locations of India fell by INR 50-550/tonne (t) on 1 February, 2024.
PDRI market prices closed at a range of INR 25,200-27,300/t and CDRI prices at INR 26,450-31,300/t.
Demand was seen at lower prices from the eastern belt, resulting in a slight increase in trading activity, especially in the Rourkela market which witnessed increased trading today.
About 13,400 tonnes (t) of sponge iron transactions were recorded in the country on Thursday compared to 8,252 t on 31 January.
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
