India: Sponge iron offers rise by INR 100-300/t amid moderate demand - 24 Jan

• Sponge iron market witnesses modest demand
  
  
• Finished steel movements support offers
  
  

India's sponge iron prices rose by INR 100-300/tonne (t) across regions today, driven by an upward trend in the semi-finished steel segment.

However, buying activity during the trading session remained moderate, as higher spot offers in major regions limited aggressive procurement by participants.

PDRI prices stood at INR 23,200-25,800/t, while CDRI offers were assessed at INR 25,600-30,200/t at the end of today's session.

Deals for about 9,900 t of sponge iron were recorded today, compared to 14,300 t on 23 January.

Rationale

Prices have been derived based on data sets of transactions, offers, bids, and indicative prices. Transactions are considered as T1 and given a weightage of 50%, whereas other data sets are considered T2 and given a weightage of the balance 50%.

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