India: Sponge iron prices continue to rise on higher steel prices - 30 Oct

Sponge iron prices in India rose by INR 100-600/t across key locations today. Prices continued to rise on rising steel prices followed by moderate demand.

Sources informed SteelMint that spot purchase enquiries increased, nudging producers to float offers at higher levels.

PDRI market prices closed at a range of INR 26,800-29,400/t and CDRI prices at INR 29,700-34,500/t.

About 20,220 tonnes (t) of sponge iron transactions were recorded on Monday across the country as against 9,850 t recorded on 28 October.

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