India: Sponge iron prices fall further amid market uncertainty - 17 Oct

Sponge iron prices in India inched down further amid uncertain market conditions in key locations. Prices fell across the country by INR 200-600/t on 17 October, 2023.

Prices edged down on fluctuations in steel prices. As a result, limited spot trade volumes were seen.

PDRI market prices closed at a range of INR 27,000-29,450/t. On the other hand, CDRI prices closed at INR 29,600-34,700/t.

About 9,450 tonnes (t) of sponge iron transactions were recorded in the country on Tuesday compared to 9,750 t on 16 October.

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