- Buyers continue with need-based buying
- Sponge transaction volumes rise d-o-d
Sponge iron prices in India rose by INR 100-350/tonne (t) across markets today.
PDRI prices closed at INR 23,800-26,650/t, while CDRI was at INR 26,200-30,800/t.
Wednesday saw an increase in sponge pricing. But, as prices and bookings continued to grow, participants turned to need-based buying. Today, there transaction volumes were moderate.
Transactions of about 14,000 t of sponge iron were recorded in the country on 26 February, up significantly from 9,700 t on 25 February.
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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