India: Sponge iron prices fall on limited buying interest - 24 Feb

Sponge iron prices fell by INR 50-200/tonne (t) in some key locations across India on 24 February, 2024. However, sponge iron prices in Ramgarh, Durgapur and Bellary showed a marginal rise by INR 50-100/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 prices closed at a range of INR 24,800-27,600/t and CDRI prices were assessed at INR 26,450-31,200/t.

About 10,050 tonnes (t) of sponge iron transactions were recorded in the country on Saturday compared to 22,650 t on 23 February.

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