Sponge iron prices in the country fell by INR 100-400/tonne (t) d-o-d today in major locations.
Prices declined as market participants remained cautious about booking material at higher prices. However, sellers believe that prices have bottomed out and market will rise from here on.
PDRI prices were assessed at INR 23,300-27,000/t across key markets today, while CDRI prices were at INR 25,800-30,800/t.
Transactions of 20,000 t of sponge iron were recorded in the country today, compared to 7,600 t on 29 April, due to cautious market sentiments.
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
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