India: Sponge iron prices drop, trades remain moderate - 11 Dec

Sponge iron prices in some key locations of India fell by INR 50-150/tonne (t) on 11 December, 2023. However, sponge iron prices in Raipur, Mandi Gobindgarh and Jharsuguda markets rose by INR 50-300/t.

Demand was seen at lower prices, resulting in a slight increase in trading activity, especially in the central region (Raipur) which witnessed increased trading today. Other regions reported moderate trading activity.

PDRI market prices closed at a range of INR 26,500-29,350/t and CDRI prices, at INR 28,250-32,500/t.

About 14,760 tonnes (t) of sponge iron transactions were recorded in the country on Monday compared to 14,650 on 9 December.

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