- Prices increase by INR 50-200/t across regions
- Dull sales drag down transaction volumes d-o-d
Indian sponge iron prices rose d-0-d by INR 50-200/tonne (t) across major locations today. However, prices in Bellary, Raipur and Jharsugda region fell by INR 50-100/t.
Buyers adopted a wait-and-watch approach due to an unstable market, which led to subdued procurement and, consequently, a drop in sponge iron prices.
PDRI prices closed at INR 21,700-25,500/t, while CDRI settled at INR 24,100-29,200/t.
Relatively low transaction volumes were observed, as cautious buyers avoided making major commitments at the current rates.
Transactions of 3,500 t were recorded in the country, a deep drop compared to 26,650 t on 16 June.
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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