India: Sponge iron prices decrease by INR 100-200/t d-o-d amid muted buying - 3 Feb

• Buyers turn wary on uncertain semis demand
  
  
• Suppliers reduce offers to encourage buying
  
  

India's sponge iron prices dropped by INR 100-200/tonne (t) d-o-d across key regions today, as muted buying interest kept market activity subdued.

The lack of buying interest led sponge iron suppliers to reduce their offers d-o-d. Notably, buyers were cautious due to uncertain demand in the semi-finished steel segment.

P-DRI prices stood at INR 23,800-26,400/t, while CDRI offers were assessed at INR 26,000-30,400/t at the end of today's session.

Rationale

Prices have been derived based on data sets of transactions, offers, bids, and indicative prices. Transactions are considered as T1 and given a weightage of 50%, whereas other data sets are considered T2 and given a weightage of the balance 50%.

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