India: Sponge iron prices fall on limited purchase enquiries - 10 Oct

Sponge iron prices in India fell by INR 100-450/t in some key locations. Prices fell on weak sentiments in the spot market and limited purchase enquiries except in the central region which witnessed bulk booking on lower offers. Meanwhile, sponge iron prices only in Bellary showed a slight rise by INR 50-100/t.

PDRI market prices closed at a range of INR 28,300-30,200/t and CDRI prices at INR 30,400-35,500/t.

This led to a reduction in offers from sponge suppliers in various regions. Significant adjustments in steel prices in north India also contributed to the decline in prices, leading to subdued spot purchases.

About 14,250 tonnes (t) of sponge iron transactions were recorded in the country on Tuesday compared to 6,600 t on 9 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