India: Sponge iron prices dip d-o-d, trade volumes rise on lower offers - 17 Jan

Sponge iron prices in India decreased by INR 100-400/t on 17 January, 2024. However, sponge iron prices only in Hyderabad witnessed a slight rise by INR 100/t.

PDRI market prices closed at a range of INR 25,050-27,300/t and CDRI prices, at INR 26,800-31,500/t.

Trading activity increased on an improved demand, especially in the southern region (Bellary).

About 15,950 tonnes (t) of sponge iron transactions were recorded in the country on Wednesday compared to 12,600 t on 16 January.

Nevertheless, market players remained cautious. A significant steel price adjustment in the northern region has also dragged prices down, SteelMint noted.

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