- Raigarh bucks trend with INR 100/t drop
- Higher offers lead to need-based buying
Sponge iron prices in India rose INR 50-200/tonne (t) across most markets today compared to the previous trading session. Only Raigarh witnessed a drop of INR 100/t.
Suppliers lifted offers amid decent buying. However, as offers climbed up, buyers increasingly engaged in need-based purchases. This led to a moderate trade volume today.
PDRI prices closed at INR 23,900-27,100/t and CDRI at INR 26,550-31,200/t.
Transactions for about 12,000 t of sponge iron were recorded in the country today.
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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