India: Sponge iron prices fall amid limited trading activity - 7 Oct

Indian sponge iron prices fell today in the range of INR 100-500/t in major locations. Prices fell due to decreasing semi-finished and finished steel prices on limited spot trading.

PDRI market prices closed at a range of INR 29,200-30,500/t and CDRI prices, at INR 30,700-36,000/t.

About 2,720 tonnes (t) of sponge iron transactions were recorded in the country on Saturday compared to 10,660 t on 6 October.

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