India: Sponge iron prices edge up d-o-d on rising steel prices - 12 Dec

India's sponge iron prices edged up by INR 50-450/tonne (t) in key locations today on rising steel prices.

However, very limited deals were heard throughout the day as buyers resisted such high offers and hence focused only on need-based procurement to meet immediate requirements.

PDRI market prices closed at a range of INR 26,500-29,400/t and CDRI prices, at INR 28,500-32,600/t.

Spot buying interest was limited, and a slight decrease in steel prices was seen in the latter half of the trading session which weighed on the overall trade volumes.

About 14,150 tonnes (t) of sponge iron transactions were recorded in the country on Tuesday compared to 14,760 on 11 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