India: Sponge iron prices fall on limited purchase enquiries - 6 Feb
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Sponge iron prices in India fell by INR 50-400/t in all key locations. Prices fell on weak sentiments in the spot market and limited purchase enquiries.
PDRI market prices closed at a range of INR 24,950-27,000/t and CDRI prices, at INR 26,150-30,900/t.
About 8,460 tonnes (t) of sponge iron transactions were recorded in the country on Tuesday compared to 14,600 t on 5 February.
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.
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
