Sponge iron prices in India rose by INR 100-600/tonne (t) d-o-d across key markets today.
PDRI market prices closed in the range of INR 24,100-25,900/t, and CDRI prices closed at INR 26,300-30,000/t.
The improvement in semi-finished prices has prompted sponge prices to increase. However, the volumes reported for today were moderate due to ample material being stocked yesterday despite the price increase.
About 11,300 t of sponge iron transactions were recorded in the country today compared to 23,000 t on 18 September.
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 for detailed methodology
T1 – Trade, T2 – Offer/Bid/Indicative
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