Sponge iron prices in India increased by INR 100-500/tonne (t) across markets today. However, Ramgarh and Hyderabad saw prices dropping by INR 100-150/t.
PDRI market prices closed at INR 25,100-27,600/t, while CDRI tags were at INR 27,900-32,300/t.
Today, sponge iron prices moved upward, as positive sentiments prevailed on increasing inquiries in the market. However, the market was silent in second half of the trading session and transaction volumes declined.
On Tuesday, sponge iron transactions of approximately 9,100 t were recorded in the country, a significant drop from 23,200 t on 31 March.
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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