India: Sponge iron prices fall on limited buying activity - 27 Sep

Indian sponge iron prices declined by INR 50-400/tonne (t) across major locations today.

Buyers remained cautious in an uncertain market environment, leading to a drop in sponge iron prices.

PDRI prices closed within the range of INR 25,600-26,900/t, while CDRI settled at INR 27,200-31,000/t.

The cautious sentiment in the bearish market resulted in modest transaction volumes as buyers refrained from making large commitments.

Only 6,900 t of sponge iron transactions were recorded in the country compared to 11,800 t on 26 September.

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