India: Sponge iron prices decline d-o-d on weak buying activity - 24 Dec

• Procurement remains sluggish despite marked price drop
  
  
• Slow-moving inventory, market volatility drives caution
  
  

Sponge iron prices dropped by INR 100-600/t d-o-d across locations amid selling pressure and weakening market sentiments.

Despite the significant price reduction, procurement remained slow, as buyers were cautious due to the sluggish moving of material and market volatility.

PDRI prices were assessed at around INR 23,300-26,800/t at the close of trading today, while CDRI tags were at INR 26,000-30,800/t.

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 here for detailed methodology