India: Sponge iron market witnesses improved buying - 14 Dec

Indian sponge iron prices recorded a marginal increase in the range of INR 100-400/t in major locations on 14 December, 2023.

Sponge iron prices have been experiencing significant fluctuations, driven by mixed sentiments in the semi-finished steel segment. Despite this volatility, there has been a slight increase in buying activity supported by improved buying of semi-finished and finished steel.

PDRI prices closed at a range of INR 26,600-29,500/t and CDRI prices at INR 28,450-32,800/t.

About 11,800 tonnes (t) of transactions in sponge iron were recorded today as against 10,610 t on 13 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%.

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