India: Sponge iron prices decline on weak buying activity - 20 Dec

Sponge iron prices witnessed a steady decline today, dropping by INR 100-300/t across locations amid selling pressure and weakening market sentiments. While, Hyderabad, Rourkela and Chennai sponge prices showed uptrend INR 50-500/t.

Due to the market's instability and declining prices of material, purchasers remained cautious, which resulted in slow buying activity despite this considerable price fall.

PDRI prices were assessed at around INR 23,600-27,500/t at close of trading today, while CDRI prices were at INR 26,550-30,800/t.

Approximately 4,800 tonnes (t) of sponge iron transactions were recorded in the country on Today compared to 9,900 t on 19 December .

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