India: Sponge iron prices fall on limited buying interest - 16 Oct

Sponge iron prices fell further by INR 200-700/tonne (t) in some key locations across India on 16 October, 2023. However, prices in the southern region rose slightly by INR 50-200/t.

Prices fell on lack of buying enquiries in the spot market today. As a result, suppliers in various regions of the country reduced their offers.

PDRI market prices closed at a range of INR 27,500-29,700/t and CDRI prices at INR 29,900-35,000/t.

About 9,750 tonnes (t) of sponge iron transactions were recorded in the country on Monday compared to 8,200 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