India: Sponge iron prices dip d-o-d, trade volumes rise on lower offers - 7 Feb

Sponge iron prices in India decreased by INR 50-200/t on 7 February, 2024. However, sponge iron prices in Raipur and Durgapur reported a slight rise by INR 50-150/t.

PDRI market prices closed at a range of INR 24,800-27,000/t and CDRI prices at INR 26,000-30,800/t.

Trading activity increased on an improved demand, especially in the central and southern regions.

About 23,000 tonnes (t) of sponge iron transactions were recorded in the country on Wednesday compared to 8,460 t on 6 February.

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