India: Sponge iron prices drop further d-o-d - 26 Nov

The Indian sponge iron market showed a downtrend, with prices increasing only in Raipur by INR 100/t but dropping by INR 100-300/t in other locations.

Due to prior bookings and the market's stability, purchasers were cautious and expected the price to drop further, therefore buying activity stayed low.

PDRI prices were assessed at INR 23,500-26,300/t and CDRI prices at INR 26,200-31,000/t.

Approximately 5,100 tonnes (t) of sponge iron transactions were recorded in the country on Tuesday compared to 5,700 t on 25 November.

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