- Buyers avoid bulk procurements
- Transactions rise slightly d-o-d
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 23,000-26,400/t, while CDRI settled at INR 25,200-30,500/t.
The cautious sentiment in the bearish market resulted in modest transaction volumes as buyers refrained from making large commitments.
Only 8,200 t of sponge iron transactions were recorded in the country, slightly higher compared to 6,850 t on 14 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 for detailed methodology
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