- Buyers stay cautious amid steel market downtrend
- Moderate trade seen as buyers expect price hikes soon
Sponge iron prices in India fell by INR 50-350/tonne (t) d-o-d today in major locations.
Prices declined as market participants remained cautious amid a downtrend seen in the steel market. However, trade was moderate today, as buyers expect offers to rise in the coming days.
PDRI prices were assessed at INR 22,900-26,000/t, while CDRI tags were at INR 25,100-30,300/t.
Transactions for only 6,300 t of sponge iron were recorded in the country today, compared to 4,200 t on 22 May.
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 here for detailed methodology
Leave a Reply