India: Sponge iron prices drop on limited demand - 1 Mar

Indian sponge iron prices edged down today by INR 100-200/t in major locations. However, sponge iron prices in the southern region showed a slight uptick of INR 100-150/t.

PDRI prices closed at a range of INR 24,900-27,700/t and CDRI prices at INR 26,300-31,200/t.

Limited trading activity was reported, as buyers had already placed enough orders yesterday. So, they came forward for only need-based bookings.

About 9,310 t of sponge iron transactions were recorded in the country on Friday compared to 28,000 t on 29 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