India: Sponge iron prices continue to rise on active spot trading - 5 Oct

Sponge iron prices in India rose by INR 100-600/t across key locations today. Prices continued to rise as buying interest among participants remained active throughout the day.

Bulk bookings at current offers have been seen today again from the central and eastern regions.

PDRI market prices closed at a range of INR 29,150-30,650/t and CDRI prices, at INR 30,500-35,600/t.

About 27,120 tonnes (t) of sponge iron transactions were recorded in the country on Thursday compared to 27,750 t on 4 October.

Sources informed SteelMint that spot purchase enquiries remained active amidst rising steel prices in the Punjab market, nudging producers to float offers at higher levels.

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