India: Sponge iron prices fall amid improved buying activity - 19 Nov

• Market sees active procurement, increased inquiries
  
  
• But buyers resist higher offers, prices fall eventually
  
  

Indian sponge iron prices declined by INR 50-550/tonne (t) across key locations today. Only the Jharsuguda market witnessed a rise of INR 300/t.

PDRI prices were assessed at INR 24,100-26,600/t, while CDRI settled at INR 26,600-31,200/t.

Purchasing activity received a boost today, with active response and increased inquiries observed, as the northern market witnessed improvements. However, buyers resisted booking material at higher offers, causing sponge prices to eventually trend down.

Sponge iron transactions of approximately 24,600 t were recorded today, up from 3,100 t on 18 November.

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 here for detailed methodology

T1 - Trade, T2 - Offer/Bid/Indicative