India: Sponge iron prices decline d-o-d on weak buying activity - 29 Oct

Sponge iron prices witnessed a steady decline today, dropping by INR 100-300/t across locations amid selling pressure and weakening market sentiments.

Despite this significant price reduction, buying activity remained slow as buyers remained cautious due to tardy drawdown of material during the festive season.

PDRI prices were assessed at around INR 24,600-26,100/t at close of trading today, while CDRI prices were at INR 27,100-32,200/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%.

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