- Inquiries climb up d-o-d, especially in north India
- Tags drop eventually as buyers reject higher offers
Indian sponge iron prices declined by INR 200-500/tonne (t) d-o-d across key locations today, though trade momentum improved.
PDRI prices were assessed at INR 23,900-27,300/t, while CDRI settled at INR 26,600-31,600/t.
There was an increase in purchasing activity today, especially in north India, with more inquiries seen. However, sponge prices eventually trended down, as purchasers refused to book material at higher offers.
Transactions of approximately 17,800 t of sponge iron were recorded today compared to 2,900 t on Friday.
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
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