India: Sponge iron prices fall on low trade volumes - 15 Dec

Sponge iron prices in India fell by INR 50-200/tonne (t) on 15 December, 2023 on account of limited trade. Buyers were engaged only in need-based procurement to fulfil immediate requirements.

Spot buying interest was weak today, which eventually led to a decrease in prices in most regions. Uncertain steel price movement was another key factor that contributed to low trade volumes.

PDRI market prices closed at a range of INR 26,600-29,300/t and CDRI prices, at INR 28,400-32,800/t.

About 6,050 tonnes (t) of sponge iron transactions were recorded in the country on Friday compared to 11,800 on 14 December.

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