- Buyers adopt wait-and-watch approach
- Transaction volumes reman low d-o-d
Indian sponge iron prices declined by INR 50-200/tonne (t) across major locations today.
Buyers adopted a wait-and-watch approach due to an unstable market, which led to subdued procurement and, consequently, a drop in sponge iron prices.
PDRI prices closed at INR 24,400-27,500/t, while CDRI settled at INR 27,100-31,900/t.
Relatively low transaction volumes were observed, as cautious buyers avoided making major commitments at the current rates.
Transactions of 2,900 t were recorded in the country today as against 5,400 t yesteday.
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%.
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T1 – Trade, T2 – Offer/Bid/Indicative
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