India: Sponge iron prices fall further amid market uncertainty - 10 Feb

Sponge iron prices in India inched down further amid uncertain market conditions in key locations. Prices fell across the country by INR 50-250/t on 10 February, 2024.

PDRI market prices closed at a range of INR 24,600-27,000/t and CDRI prices at INR 26,150-30,700/t.

Prices were down on fluctuations in steel prices. However, spot trade volumes rose slightly on lower offers on a d-o-d basis.

About 7,600 tonnes (t) of sponge iron transactions were recorded in the country on Saturday compared to 3,680 t on 9 February.

Overall, uncertainty in steel prices has led to instability in sponge iron prices. Hence, market sources are worried about price swings, BigMint learnt.

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