India: Sponge iron prices edge up on increased steel prices - 12 Aug'24

Sponge iron prices in India increased by INR 50-300/tonne (t) across various markets today, following the uptrend in steel prices. However, the Jharsuguda market was an exception, seeing a decrease of INR 100/t.

Prices in the PDRI market closed within a range of INR 23,200-26,300/t, while CDRI prices ranged from INR 25,900-29,800/t.

Trade volumes improved, but buying activity remained limited to certain markets, as buyers are still anticipating further price declines.

Approximately 11,250 t of sponge iron transactions were recorded nationwide on Monday, compared to 6,500 t on 9 August.

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