- Sponge prices down by INR 50-300/t
- Transaction volumes decrease d-o-d
Indian sponge iron prices declined by INR 50-300/tonne (t) across major locations today.
Buyers adopted a wait-and-watch approach due to an unstable market. Dispatches of previous bookings led to subdued procurement, consequently, leading to a drop in sponge iron prices.
PDRI prices closed at INR 24,600-27,600/t, while CDRI settled at INR 27,350-31,700/t.
Relatively low transaction volumes were observed, as cautious buyers avoided making major commitments at the current rates.
Transactions of 7,200 t were recorded in the country, compared to 7,350 t on 27 March.
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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