Indian sponge iron prices declined by INR 50-300/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 22,300-25,600/t, while CDRI settled at INR 27,200-31,000/t.
The cautious sentiment in the market resulted in modest transaction volumes as buyers refrained from commitments due to yesterday adequate booking.
Only 2,900 t of sponge iron transactions were recorded in the country compared to 11,350 t on 2 Jun.
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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