Indian sponge iron prices showed mixed trends, with prices increasing in Bellary, Ramgarh and Durgapur by INR 100-300/t today. Meanwhile, sponge iron prices in other locations dropped INR 50-200/t.
Today, improvement in buying activity was seen due to positive outlook in markets and active trades were seen despite offers rising slightly. However, buyers are still in a dilemma as regards market stability.
PDRI prices closed at INR 21,700-25,500t and CDRI prices at INR 24,300-29,300/t.
Approximately 12,150 t of sponge iron transactions were recorded in the country on Wednesday compared to 4,000 t on 10 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 for detailed methodology
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