India: Sponge iron prices fall on limited buying activity - 12 Nov

• Cautious sentiments keep prices under pressure
  
  
• Transaction volumes continue to be relatively low
  
  

Indian sponge iron prices declined by INR 100-500/tonne (t) across major locations today.

Buyers adopted a wait-and-watch approach due to an unstable market, which led to subdued procurement and, consequently, a drop in sponge iron prices.

PDRI prices closed at INR 26,300-27,950/t, while CDRI settled at INR 28,150-33,700/t.

Relatively low transaction volumes were observed, as cautious buyers avoided making major commitments at the current rates.

Transactions of 3,600 t were recorded in the country, compared to 1,400 t on 11 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