Sponge iron prices in India rose by INR 50-550/tonne (t) across markets today. Prices continued to rise as steel prices up-trended. However, demand remained very limited with offers on the higher side.
PDRI market prices closed at a range of INR 24,400-27,200/t and CDRI, at INR 26,850-30,500/t.
According to sources, spot purchase enquiries were relatively limited throughout the day due to higher offers, resulting in lower to moderate spot trade volumes.
About 8,800 t of sponge iron transactions were recorded in the country on Tuesday compared to 7,700 t on 29 July.
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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