Indian sponge iron prices fell by INR 50-300/tonne (t) d-o-d today in major locations today. Prices declined as market participants remained cautious amid a downtrend in the steel market.
PDRI prices were assessed at INR 23,100-26,500/t, while CDRI prices were reported at INR 25,400-30,600/t.
Despite cautious market sentiments, the recorded transaction volumes remained moderate. Transactions of 6,850 t of sponge iron were recorded in the country today compared to 5,300 t on 13 May.
Rationale
Prices have been derived based on transaction, offer, bid, and indicative price data sets. Transactions are considered T1 and given a weightage of 50%, whereas other data sets are considered T2 and given a weightage of the balance 50%.
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