India: Sponge iron prices edge down despite improved buying - 11 Dec

Indian sponge iron prices fell today. Prices went down at various locations by INR 50-350/t d-o-d.

Due to low prices seen today, there was a minor improvement in buying activity which led to an improvement in transaction volumes.

PDRI prices closed within the range of INR 23,100-26,300/t today while CDRI prices were at INR 25,500-30,300/t.

Approximately 23,200 t of sponge iron transactions were recorded across the country on Wednesday, compared to 6,600 t on 10 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