- Sponge prices rise by up to INR 400/t
- Transaction volumes rise by INR 3,000 t
Despite moderate bookings, India’s sponge iron market witnessed price hikes today in the range of INR 100-400/tonne (t) across key locations, largely due to rising steel prices. However, PDRI prices in the Hyderabad region dropped by INR 100/t.
PDRI prices were assessed at INR 22,450-25,600/t at the close of trading, while CDRI stood at INR 24,600- 29,800/t.
Despite the price increases, moderate bookings were recorded in all regions. Steel prices closed at range-bound levels as a result of buyers’ continued caution.
Sponge iron transactions of approximately 11,350 t were recorded in India today, up from 8,000 t on 30 May.
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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