India: Sponge iron prices continue to fall on limited buying activity - 18 Dec

Indian sponge iron prices fell today, declining in the range of INR 50-200/t d-o-d in some major markets. Prices fell as a result of limited demand in the semi-finished and finished steel markets.

However, sponge iron prices in the eastern region (Durgapur and Ramgarh) witnessed a slight rise in prices by INR 50-150/t.

PDRI market prices closed at a range of INR 26,500-29,200/t and CDRI prices, at INR 28,350-32,600/t.

About 9,360 tonnes (t) of sponge iron transactions were recorded in the country on Monday compared to 6,000 t on 16 December.

Overall, lack of spot buying activity coupled with fluctuating steel prices contributed to the decline in sponge iron prices.

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