India: Sponge iron market weakens as buying interest softens d-o-d - 14 Nov

Indian sponge iron prices fell by INR 100-600/tonne (t) d-o-d today in major locations.

Prices for sponge iron fell as market participants remained cautious in the face of a declining steel market and lack of inquiries.

PDRI prices were assessed at INR 24,500-27,200/t, while CDRI prices were reported at INR 27,000-31,800/t.

Despite a cautious market, the recorded transaction volumes remained moderate.

Transactions of only 6,000 t of sponge iron were recorded in the country today, compared to 5,600 t on 13 November.

Rationale

Prices have been derived based on transaction, offer, bid, and indicative price data sets. Transactions are considered T1 and given a weightage of 50%, whereas other data sets are considered T2 and given a weightage of the balance 50%.

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T1 - Trade, T2 - Offer/Bid/Indicative