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India: Sponge iron prices fall by up to INR 400/t ($5/t) d-o-d - 2 Dec

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Sponge Iron

BigMint Bureau

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2 Dec 2024, 19:06 IST

India: Sponge iron prices fall by up to INR 400/t ($5/t) d-o-d - 2 Dec

Indian sponge iron prices declined by INR 100-400/tonne (t) across major markets on 2 December, 2024.

Today, prices showed a downtrend despite increased transaction volumes, as buyers procured material only after prices had bottomed out. However, buying activity failed to lift sponge iron prices because of overall dull sentiments.

PDRI prices closed at INR 22,900-26,200/tonne (t), while CDRI settled at INR 25,400-30,200/t.

Transactions of 27,350 t were recorded in the country today, significantly higher than 7,500 t on 29 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