India: Sponge iron prices edge up on increased steel prices - 30 Jul'24

Sponge iron prices in India rose by INR 50-550/tonne (t) across markets today. Prices continued to rise as steel prices up-trended. However, demand remained very limited with offers on the higher side.

PDRI market prices closed at a range of INR 24,400-27,200/t and CDRI, at INR 26,850-30,500/t.

According to sources, spot purchase enquiries were relatively limited throughout the day due to higher offers, resulting in lower to moderate spot trade volumes.

About 8,800 t of sponge iron transactions were recorded in the country on Tuesday compared to 7,700 t on 29 July.

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