- Trades stay muted as buyers hold off on purchases
- Participants expect prices to decline in near future
Indian sponge iron markets showed mixed trends d-o-d, with prices decreasing in Rourkela, Ramgarh, and Chennai by INR 50-200/tonne (t) but increasing by INR 50-100/t in other locations. Prices were also stable in some regions.
Purchase activity was low, as buyers stayed away, satisfied with previous bookings. The market was also more or less stable, with participants expecting declines in the near term.
PDRI prices were assessed at INR 24,600-27,500/t and CDRI at INR 27,200-32,100/t.
Transactions for approximately 6,000 t of sponge iron were recorded in the country on 16 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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