India: Sponge iron market weakens on limited buying interest - 4 Nov

Indian sponge iron prices declined by INR 50-500/tonne (t) across major locations today.

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

PDRI prices closed in the range of INR 24,400-26,700/t, while CDRI settled at INR 26,500-31,500/t.

Buyers seemed unsure of market movements which resulted in modest transaction volumes, as buyers refrained from making large commitments. However, transaction volumes increased d-o-d showing increased buying activity after the festive holidays.

Only 10,300 t of sponge iron transactions were recorded in the country compared to 4,350 t on 30 October.

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