Sponge iron prices in India rose INR 50-200/tonne (t) across markets today.
The increase in sponge iron prices was due to an uptrend in steel. As prices climbed, active trading was observed.
PDRI closed at INR 24,000-25,700/t, while CDRI prices ranged within INR 25,800-29,700/t.
Spot purchases were noted across the country, leading to an overall improvement d-o-d in transactions.
Transactions of approximately 23,000 t of sponge iron were recorded in the country on Wednesday, up from 8,950 t on 13 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%.
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T1 – Trades, T2 – Offers/Bids/Indicatives
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