India: Sponge iron prices continue to rise on active spot trading - 10 Nov

Sponge iron prices in India rose by INR 200-600/t across key locations today. Prices continued to rise as buying interest among participants remained active throughout the day.

Sources informed SteelMint that on the occasion of Dhanteras, spot purchase enquiries increased, followed by rising steel prices across regions, nudging producers to float offers at higher levels. Bulk bookings have been seen from across regions today.

PDRI market prices closed at a range of INR 26,400-28,700/t and CDRI prices, at INR 29,000-33,500/t.

About 30,950 tonnes (t) of sponge iron transactions were recorded in the country on Friday compared to 42,025 on 9 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%.

Click for detailed methodology

T1 - Trade, T2 - Offer/Bid/Indicative