India: Sponge iron prices fall on limited buying activity - 17 Oct

Indian sponge iron prices declined INR 50-350/tonne (t) across major locations today.

In an unstable market, buyers continued to exercise caution, which triggered the decline in sponge iron prices to decline.

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

Due to the bearish market's cautious mindset, purchasers avoided making significant commitments, which led to low number of transaction volumes.

Only 6,450 t of sponge iron transactions were recorded in the country compared to 6,000 t on 16 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