- Rising prices make buyers cautious
- Transaction volume declines d-o-d
India’s sponge iron prices showed mixed trends d-o-d on 24 April, increasing by INR 50-100/tonne (t) across most locations. However, prices in Chennai, Mandi Gobindgarh, and Rourkela declined by INR 50-300/t.
PDRI prices were assessed at INR 24,300-27,500/t at the close of trading, while CDRI stood at INR 26,850-31,800/t.
All regions saw lower bookings. As prices continued to rise, inquiries became fewer and fewer, reflecting hesitancy among buyers, which pressured prices. This also led to a lower transaction volume d-o-d.
Transactions for 3,700 t were recorded today compared to 8,200 t on 23 April.
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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