India: Sponge iron prices fall amid limited buying activity - 5 Jan

Sponge iron prices in India fell significantly today, ranging from INR 50 to 350/tonne in major markets. This decline is attributed to downward market sentiments in the semi-finished steel segment, leading to weak buying activity and lower inquiries for sponge iron throughout the day.

PDRI market prices closed at INR 26,000-28,200/t and CDRI market closed at INR 27,650-32,000/t, respectively.

About 4,000 tonnes (t) of sponge iron transactions were recorded today, comparing to 16,510 t on 4 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