India: Sponge iron prices fall on limited purchase enquiries - 31 Oct

Sponge iron prices in India fell by INR 100-400/t in key locations today. Prices fell on weak sentiments in the spot market and limited purchase enquiries.

PDRI market prices closed at a range of INR 26,550-29,200/t and CDRI prices at INR 29,500-34,300/t.

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

About 6,650 tonnes (t) of sponge iron transactions were recorded on Tuesday across the country as against 20,220 t recorded on 30 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