Sponge iron prices in India increased by INR 100-300/tonne (t) across markets today. The rise in prices is attributed to an upward trend in steel prices. Active buying activity was observed even though prices continued to climb.
PDRI prices were assessed at INR 25,100-28,000/t, while CDRI prices ranged between INR 27,550-32,500/t. Spot deals were heard in the central and eastern regions as offers spiked, while average bookings were recorded in other parts of the country.
Transaction volumes increased d-o-d.Approximately 15,000 t of sponge iron transactions were recorded in the country on Thursday, up from 5,000 t on 9 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%.
Click for detailed methodology
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