Sponge iron prices in India rose in the range of INR 50-600/tonne (t) d-o-d across markets today, with moderate trading observed.
PDRI prices closed at INR 24,900-27,700/t, while CDRI was assessed at INR 27,400-31,600/t.
Today, market participants engaged in need-based procurement because of the rise in prices and high volume of bookings yesterday. Consequently, transaction volumes today remained average throughout the day.
Transactions of about 5,850 t of sponge iron were heard on 21 March, compared to 11,700 t on 20 March .
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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