Sponge iron prices in India rose by INR 50-150/tonne (t) d-o-d across markets today, with moderate trading sentiment seen to prevail. However, Durgapur and Chennai sponge prices showed slight down INR 100/t.
PDRI prices closed at INR 23,600-26,400/t, while CDRI stood at INR 26,300-31,000/t.
Today, market participants engaged in need-based procurement because of the increase in prices and bookings yesterday. Consequently, average volume of transactions were recorded throughout the day.
Transactions of about 9,600 t of sponge iron were seen in the country on 2 January, compared to 3,400 t on 1 January.
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
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