India’s sponge iron prices edged up by INR 100-300/tonne (t) in key locations today on rising steel prices.
However, trade volumes remained moderate throughout the day as buyers resisted such high offers and hence focused only on need-based procurement to meet immediate requirements.
PDRI market prices closed at a range of INR 25,100-27,000/t and CDRI prices at INR 26,250-30,800/t.
About 18,000 tonnes (t) of sponge iron transactions were recorded in the country on Thursday compared to 21,800 t on 7 February.
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
