- Buyers continue with need-based procurements
Sponge iron prices in India rose by INR 100-300/tonne (t) d-o-d across markets today, amid moderate trading observed. While, Bellary CDRI Sponge prices dropped by INR 200/t.
PDRI prices closed at INR 23,900-26,600/t, while CDRI was at INR 26,350-31,000/t.
Today, market participants conducted need-based procurement because of the increase in price and bookings yesterday. However, the number of bookings increased in the central region amid rising prices. Overall, an average number of transactions was recorded throughout the day.
Transactions of about 11,900 t of sponge iron were seen in the country on 4 March, up from 4,100 t on 3 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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