India: Sponge iron prices edge up on improved buying - 15 Feb

Sponge iron prices in India moved up today, with prices rising by INR 50-250/tonne (t) d-o-d in major markets. This upward movement reflects supportive buying, as buyers were active in booking material in response to rising offers. Consequently, there was a surge in trading volumes today compared with yesterday.

PDRI prices closed at a range of INR 24,500-27,050/t and CDRI prices at INR 26,200-30,800/t.

About 22,750 t of sponge iron deals were recorded in the country today compared to 17,400 t on 14 February.

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