- Prices drop till INR 300/t, rise by up to INR 200/t
- Transactions rise marginally d-o-d to 12,000 t
Sponge iron prices in India showed mixed trends today amid moderate demand. Certain regions recorded increase of INR 100-200/tonne (t) d-o-d due to volatile and moderate market conditions. However, prices drop by INR 50-300/t in other regions.
A downtrend in the steel market despite increased prices and a lack of inquiries caused participants to stay cautious, which resulted in moderate transaction volumes today.
PDRI prices were assessed at INR 25,200-27,700/t, while CDRI tags stood at INR 27,900-32,200/t.
Transactions of 11,650 t were recorded in the country, compared to 9,100 t on 1 April.
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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