Sponge iron prices in India increased by INR 50-300/tonne (t) across various markets today, following the uptrend in steel prices. However, the Jharsuguda market was an exception, seeing a decrease of INR 100/t.
Prices in the PDRI market closed within a range of INR 23,200-26,300/t, while CDRI prices ranged from INR 25,900-29,800/t.
Trade volumes improved, but buying activity remained limited to certain markets, as buyers are still anticipating further price declines.
Approximately 11,250 t of sponge iron transactions were recorded nationwide on Monday, compared to 6,500 t on 9 August.
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
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