Indian sponge iron prices rose considerably on 3 February, 2024. Prices in almost all key regions increased by INR 50-300/t. However, due to higher spot market offerings, buying activity and demand for sponge iron remained moderate.
However, sponge iron prices only in Bellary dropped marginally by INR 50/t.
PDRI market prices closed at a range of INR 25,100-27,200/t and CDRI prices, at INR 26,450-31,200/t.
About 14,050 tonnes (t) of sponge iron transactions were recorded in the country on Saturday compared to 17,870 t on 2 February.
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
