Sponge iron prices in India rose by INR 100-700/tonne (t) across markets today.
PDRI prices were assessed at INR 25,000-27,700/t, while CDRI prices were INR 27,450-32,300/t.
On Wednesday, sponge prices increased. However, consumers chose to make need-based purchases as a result of the ongoing increases in costs and bookings. Today, only an average volume of transactions were recorded — around 5,000 t of sponge iron on 9 April compared to 10,000 t on 8 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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