India’s sponge iron market witnessed a rise in prices today ranging from INR 50-350/t in almost all major locations. This can be attributed to active spot trading coupled with buying interest.
PDRI market prices closed at a range of INR 24,900-27,400/t and CDRI prices, at INR 26,200-31,200/t.
Bulk bookings were seen especially in the southern region today, which led to a rise in daily spot trade volumes.
About 22,300 tonnes (t) of sponge iron transactions were recorded in the country on Tuesday compared to 13,200 t on 19 February.
According to sources, the price rise is also due to the decent performance of semi-finished and finished steel prices. Billet prices increased by INR 100-500/t in key markets today.
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
