India: Sponge iron prices fall d-o-d on moderate buying - 20 Nov

• Offers slide as market sees need-based buying
  
  
• Buyers silent amid active restocking yesterday
  
  

Indian sponge iron prices declined by INR 100-400/tonne (t) across major locations today. Only Ramgarh saw a rise to INR 27,200/t.

PDRI prices closed at INR 24,000-26,600/t, while CDRI settled at INR 26,500-31,000/t.

Today, the market witnessed a downtrend, as buyers stayed silent amid ample procurement done yesterday. Meanwhile, offers continued to slide. A moderate volume of transactions was recorded, indicating need-based buying.

Sponge iron transactions of approximately 6,650 t were recorded today, down significantly from 24,600 t on 19 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

T1 - Trade, T2 - Offer/Bid/Indicative