India: Sponge iron prices drop on restrained demand in uncertain market - 29 Nov

Indian sponge iron prices declined by INR 100-200/tonne (t) today across major locations, but prices in Raigarh rose by INR 100/t.

The downward trend in sponge iron prices persisted as buyers remained to remain cautious in an uncertain market. PDRI prices closed within the range of INR 23,900-26,200/t, while CDRI prices settled at INR 25,700-30,600/t.

Buyer caution prevailed in a declining market, resulting in modest transaction volumes.

Only 7,500 t of sponge iron transactions were recorded in the country compared to 6,900 t on 28 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