India: Sponge iron market weakens on limited buying interest - 27 Dec

Indian sponge iron prices declined by INR 50-450/tonne (t) across major locations today, 27 December 2024.

Buyers remained cautious amid an uncertain market environment, which led to a drop in sponge iron prices.

PDRI prices closed in the range of INR 23,200-26,600/t, while CDRI settled at INR 26,000-30,800/t.

Buyers avoided making big commitments because they were uncertain about market fluctuations, which led to modest transaction volumes.

Only 2,900 t of sponge iron transactions were recorded in the country compared to 5,150 t on 26 December.

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