India: Sponge iron prices fall on muted buying - 10 Oct

Indian sponge iron prices declined by INR 100-400/tonne (t) across major locations today.

PDRI prices closed within the range of INR 26,800-28,400/t, while CDRI settled at INR 28,650-33,500/t.

In an unstable market, buyers continued to exercise caution, which caused sponge iron prices to decline. Buyers abstained from making significant commitments, which led to zero buying activity in a bear market due to the cautious mindset of buyers.

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%.

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