Indian sponge iron prices declined by INR 50-100/tonne (t) across major locations today. However, Durgapur, Ramgarh and Jharsuguda showed an uptrend in the range of 50-200/t.
PDRI prices closed within the range of INR 23,200-26,200/t, while CDRI settled at INR 25,750-30,800/t.
Buyer caution persisted in an unstable market, which led to a drop in sponge iron prices. Because market participants were cautious, they refrained from making larger commitments, which resulted in lower buying activity.
Approximately 6,900 t of sponge iron transactions were recorded in the country on Thursday compared to 12,700 t on 27 November.
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
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