India: Sponge iron market witnesses mixed trend amid improved buying - 18 Jan

Sponge iron prices in India witnessed an overall increase of INR 50-150/t in major regions, driven by an upward trend in the semi-finished segment on 18 January, 2024.

However, there were exceptions in regions like Rourkela, Raipur, and Raigarh, where a marginal decline of INR 100-200/t was noticed throughout the day, despite the overall upward trend.

PDRI market prices closed at a range of INR 25,150-27,300/t and CDRI prices, at INR 26,600-31,500/t.

About 24,355 tonnes (t) of sponge iron transactions were recorded in the country today compared to 15,950 t on 17 January.

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