India: Sponge iron prices dip amid unclear market trends - 6 Jan

Sponge iron prices dipped on 6 January, 2024, by INR 50-200/t in all key locations of India on unclear market trends.

PDRI market prices closed at a range of INR 26,000-28,000/t and CDRI prices, at INR 27,550-31,900/t.

Overall, spot trading activity remained on the lower side. Only 4,800 tonnes (t) of sponge iron transactions were recorded in the country on Saturday compared to 4,000 t on 5 January.

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