India: Sponge iron market witnesses mixed trend amid improved buying - 15 Nov

Indian sponge iron prices inched up in the range of INR 50-350/t in major locations on 15 November, 2023. On the other hand, prices in Ramgarh and Mandi Gobindgarh witnessed a drop of INR 50-200/t.

Sponge iron prices have been experiencing significant fluctuations, driven by mixed sentiments in the semi-finished segment. Despite this volatility, there has been a slight increase in buying activity. The surge in demand is notable, especially after a prolonged festival holiday in the spot market.

The closure of sales by the majority of sellers suggests that the surge in demand has been substantial, prompting sellers to fulfill orders and resulting in increased buying activity. This uptick in demand could be attributed to post-holiday restocking and immediate need-based buying,

PDRI market prices closed at a range of INR 26,400-28,800/t and CDRI prices, at INR 28,800-33,300/t.

About 16,520 tonnes (t) of sponge iron transactions were recorded today as against 4,655 t recorded on 14 November.

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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