India: Sponge iron prices fall d-o-d - 13 Dec

Domestic sponge iron prices fell by INR 50-250/tonne (t) d-o-d today in major locations, except for Raigarh, where prices rose by up to INR 100/t.

As market players remained cautious in the face of a declining steel market, sponge iron prices edged down. Need-based procurement was observed in the market.

PDRI prices were assessed at INR 23,400-26,300/t, while CDRI prices were heard at INR 25,900-30,500/t.

Despite a cautious market outlook, the recorded transaction volumes today remained at a moderate level.Transactions of 12,450 t of sponge iron were recorded in the country, up from 7,900 t on 12 December.

Rationale

Prices have been derived based on transaction, offer, bid, and indicative price data sets. Transactions are considered T1 and given a weightage of 50%, whereas other data sets are considered T2 and given a weightage of the balance 50%.

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T1 - Trade, T2 - Offer/Bid/Indicative