India’s sponge iron prices increased by INR 100-300/tonne (t) across regions today, except in the south India where a decline of INR 200-300/t was observed d-o-d.
Despite the price fluctuations, buying activity remained moderate as higher spot offers throughout the day kept buyers cautious. Market participants closely monitored trends in the semi-finished steel segment, which influenced procurement decisions.
P-DRI prices stood at INR 23,900-26,400/t, while CDRI offers were assessed at INR 26,100-30,300/t at the end of today’s session.
Deals for about 9,100 t of sponge iron were recorded today compared to 10,050 t on 30 January.
Rationale
Prices have been derived based on data sets of transactions, offers, bids, and indicative prices. Transactions are considered as T1 and given a weightage of 50%, whereas other data sets are considered T2 and given a weightage of the balance 50%.
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