India: Sponge iron prices drop further amid sluggish market sentiments - 27 Feb

Sponge iron prices in India dropped further by INR 50-200/t in major markets. This decline can be attributed to a negative market sentiment influenced by a significant downturn in the semi-finished steel segment.

PDRI market prices closed at a range of INR 24,700-27,400/t and CDRI prices, at INR 26,300-31,000/t.

Cautious perspectives from the buyers' end, along with the continuous decline in prices, appeared to have influenced buying decisions, resulting in muted market activity.

Only 6,570 tonnes (t) of sponge iron transactions were recorded in the country on Tuesday compared to 13,950 t on 26 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