India: Sponge iron prices drop on limited spot demand - 16 Feb

Indian sponge iron prices edged down today by INR 50-250/t in major locations. However, sponge iron prices only in Raigarh and Hyderabad showed a slight rise by INR 50-150/t.

PDRI market prices closed at a range of INR 24,400-27,100/t and CDRI prices at INR 25,500-30,800/t.

Limited trading activity were reported d-o-d, as buyers have already placed enough orders yesterday. So, they came forward for only need-based bookings.

About 13,050 tonnes (t) of sponge iron transactions were recorded in the country on Friday compared to 22,750 t on 15 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