India: Sponge iron prices edge up d-o-d on rising steel prices - 19 Jan

India's sponge iron prices edged up by INR 50-350/tonne (t) in all key locations today on rising steel prices.

PDRI market prices closed at a range of INR 25,150-27,300/t and CDRI prices at INR 26,750-31,500/t.

However, moderate deals were heard throughout the day as buyers were still cautious about the price swings and hence focused only on need-based procurement to meet immediate requirements.

About 17,630 tonnes (t) of sponge iron transactions were recorded in the country on Friday compared to 24,355 t on 18 January.

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