India: Sponge iron prices fall on limited buying activity - 15 Oct

Indian sponge iron prices declined by INR 50-250/tonne (t) across major locations today. However, prices in Ramgarh rose by INR 100/t.

Buyers remained cautious in an uncertain market environment, which led to the drop in sponge iron prices.

PDRI prices closed within the range of INR 26,500-28,000/t, while CDRI prices settled at INR 28,300-33,900/t.

Due to a bearish market and cautious buyer mindset, purchasers avoided making significant commitments, which led to small transaction volumes.

Only 6,100 t of sponge iron transactions were recorded in the country today compared to 12,200 t on 14 October.

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