India: Sponge iron prices fall amid limited trading activity - 17 Nov

Indian sponge iron prices edged down today in the range of INR 50-250/t in some key locations. However, sponge iron prices only in Rourkela witnessed a marginal rise by INR 100/t. Sources told SteelMint that buyers made only need-based purchases. Hence, there was a little activity in the market.

Today, no major trading activity was seen in the Central region (Raipur) due to election.

PDRI market prices closed at a range of INR 26,550-28,700/t and CDRI prices, at INR 28,750-33,300/t.

About 11,970 tonnes (t) of sponge iron transactions were recorded in the country on Friday compared to 12,750 on 16 November.

Lack of spot buying activity, combined with fluctuating steel prices, contributed to the drop in sponge iron prices.

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