India: Sponge iron prices dip amid unclear market trends - 26 Feb

Sponge iron prices dipped on 26 February, 2024, by INR 50-300/t in almost all key locations of India on unclear market trends. However, sponge PDRI prices only in Raigarh showed a rise by INR 200/t.

Overall, spot trading activity remained on the lower side. But, even though price volatility persisted, buyers were looking for the material at lower prices.

PDRI market prices closed at a range of INR 24,800-27,600/t and CDRI prices, at INR 26,300-31,100/t.

About 13,950 tonnes (t) of sponge iron transactions were recorded in the country on Monday compared to 10,050 t on 24 February.

In this context, market participants are uncertain about the direction of prices in the next few days.

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