India’s sponge iron prices moved up in the range of INR 100-400/t in key locations, driven by active spot trading and buying interest at current price levels.
PDRI prices closed at a range of INR 25,000-27,600/t and CDRI prices at INR 26,500-31,300/t.
Bulk booking was seen especially from the eastern and central regions today.
About 28,000 t of sponge iron transactions were recorded in the country on Thursday compared to 15,900 t on 28 February.
The price increase can also be attributed to the positive performance of the semi-finished steel market. Billet prices rose by INR 100-350/t across regions 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%.
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T1 – Trade, T2 – Offer/Bid/Indicative
