India: Sponge iron prices fall on sluggish spot market sentiments - 13 Jan

Sponge iron prices in India dropped by INR 50-200/t in all key locations due to weak sentiments in the spot market, followed by inactivity of market participants amid festivity (Lohri). This led to a reduction in offers from sponge suppliers in various regions of the country.

PDRI market prices closed at a range of INR 25,450-27,300/t and CDRI prices, at INR 27,000-31,700/t.

Only 3,175 tonnes (t) of sponge iron transactions were recorded in the country on Saturday compared to 21,270 t on 12 January.

Very few enquiries were heard as the majority of buyers preferred to remain on the sidelines due to festivity, and hence, this led 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