Indian sponge iron prices declined by INR 50-400/tonne (t) across major locations today.
Buyers remained cautious in an uncertain market environment, leading to a drop in sponge iron prices.
PDRI prices closed within the range of INR 25,600-26,900/t, while CDRI settled at INR 27,200-31,000/t.
The cautious sentiment in the bearish market resulted in modest transaction volumes as buyers refrained from making large commitments.
Only 6,900 t of sponge iron transactions were recorded in the country compared to 11,800 t on 26 September.
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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